Melbourne families have listed Fitzroy’s multi-level Hotel Fitzroy, tipped to attract investors and owner-occupiers.
Located minutes from the Melbourne CBD, opposite the Atherton Gardens estate, the pub is surrounded by entertainment precinct bars, restaurants and shops, seeing high pedestrian traffic and consistent patronage.
The five-storey building is on a 662sqm lot and incorporates indoor and outdoor spaces and a rooftop bar, amounting to over 1,500sqm of floorspace, and said to have been “meticulously renovated” to a standard that complements Fitzroy’s iconic heritage architecture with modern appeal.
The hotel holds an extended liquor licence, allowing early opener from 7am and late closing of 3am.
Built 1849 on a prominent corner of the historic precinct, the pub has worn multiple monikers, previously known as Brunswick Family Hotel, the Brunswick Hotel and the Old Colonial.
Its layout and location lend it to a variety of hospitality uses and the sale is expected to attract interest from both investors drawn to well-located venues in inner Melbourne and publicans seeking bricks and mortar.
It is currently occupied by Ichi Ni Nana Izakaya on a flexible month-to-month lease, providing a holding income for a potential purchaser.
Paul Adamo and Vince Sofo and families were owner-operators of the iconic Esplanade (‘Espy’) Hotel in St Kilda until its sale to Sand Hill Road in 2015. A company held by the families, named Saint Kilda, bought the Fitzroy pub for $4.84 million in 2012, and began operations there after selling The Espy.
Hotel Fitzroy represents a rare opportunity, being a virtually vacant freehold in the Victorian capital. A sale campaign is being conducted by Cushman & Wakefield’s Oliver Hay, Anthony Kirwan, George Davies and Leon Maof, with expectations of a sale price of circa $10 million.
“With its flexible layout, late night liquor licence and exceptional fitout, it’s an extremely hard to find opportunity in one of Melbourne’s most vibrant precincts,” stresses Hay.
“The property’s combination of heritage charm, modern renovations, and prime location in the heart of Fitzroy offers unparalleled potential for investors and owner-occupiers alike.”
The freehold of the Fitzroy Hotel is being sold via Expressions of Interest, closing Thursday, 17 October.
