The Foundry Hotel in booming Bendigo has been brought to market for the first time in 33 years, as long-timers the Kuchel family step down.
The pub is located on busy High Street, within minutes of the CBD of Bendigo – one of Victoria’s largest regional cities. It dominates its 2,972sqm corner position, providing popular sports bar ‘Mister Bobs’, a large gaming lounge with 25 machines, 200-seat bistro, popular function space ‘The Zinc Room’ and an abundance of onsite patron car parking. The large-format operation boasts capacity of 744 pax, under a 1am general liquor licence.
Owner-operators the Kuchel family have undertaken extensive work on the venue in recent years, bringing the addition of cocktail bar ‘Miss Molly’s’, which opened late 2021. They say the decision to step down has been an emotional process, but they are excited to turn the page and help usher in a new operator.
“The Foundry Hotel has been an incredible business to our family, and whilst it will be sad to move on, we’re extremely proud of the platform we have left for an incoming operator and will watch on from afar as The Foundry continues on its journey,” offers Mike Kuchel.
Providing an incoming tenant a readied, ‘turn-key’ business with no capex required, it is likely to attract new entrants as well as established operators.
On offer is a brand-new lease, with a ten-year initial term and multiple further options. It is anticipated to find sale price circa $8 million.
The business is being marketed on behalf of the long-term freehold owners by JLL Hotels’ Will Connolly and Lachlan Persley, who note the desirability of assets of this type.
“Much like NSW and Queensland, the Victorian gaming hotel market is a ferociously competitive one, with opportunities quickly secured when offered, especially those of such a high calibre like The Foundry,” says Connolly.
JLL reports the Victorian office is fielding daily calls for assets such as this and that there is “an obvious appetite” for pubs in strong regional locations.
“The Foundry certainly ticks these boxes and much more, offering a strong mix of revenue though its gaming, food and beverage trade,” furthers Persley.
The leasehold interest in the Foundry Hotel is being sold via Expressions of Interest, closing Wednesday, 15 March.
