The Giannakis brothers are parting with their beloved The Graham after 15 years and an offer they couldn’t refuse.
Tony and Peter Giannakis were fine-dining restauranteurs until they purchased the Graham Hotel back in 2001. The twins built strong foundations in foodservice into the business, in recent years eagerly following the gastro-pub path.
The 1870-built Graham Hotel occupies a prominent corner of Graham street, in the increasingly populated suburb of Port Melbourne.
The Giannakis’ have increasingly seen developers approach them about the site, but stuck to their resolution to sell the freehold going concern business or stay put.
Speaking with PubTIC, Tony Giannakis said after a lot of interest in the last 18 months, this time the price was right.
“We’ve just had our best year in the last five, if it didn’t sell we would have been comfortable staying. But it was the right offer at the right time.”
The identity of the purchaser and the sale price have not been disclosed, but the buyer has already re-listed the leasehold business and hopes to get a tenant prior to exchange, slated for 1 March, 2017.
The FGC transaction was through CBRE Hotels’ Will Connolly and Scott Callow, who have been retained to on-sell the leasehold.
“The sale was a record result for its type in the area,” Connolly told PubTIC. “We’re now looking for a tenant on their behalf.”
Passionate about their food and wine, the Giannakis brothers have been hand-selling wines on the dining floor for decades, and Tony says wine wholesaling is in his future. Although, they have been invited to become involved in hospitality training, and he says “the opportunity to teach and train is high on the list of things we love to do”.
Tony hopes to hand over the keys to someone that will further the brothers’ legacy of on-trend dining for the locals and the growing lunch crowd – but also for the sake of the staff, several of whom have been with the brothers for many years, some in their second stint of employment.
“There’s been a shift in the demographic in the area; it’s becoming more in tune with more approachable and shared dishes, moving away from linen tablecloths,” he says.
“With the right mix, I feel The Graham could be one of the best pubs in Melbourne … but I won’t be around!”
