The freehold of the picturesque Redesdale Hotel in country Victoria has come to market, boasting historic links to the gold rush era, a stable tenant, and stables and dairy out the back.
Redesdale is a quiet town of around 240 people, 118km north of Melbourne, on the road to Bendigo.
The post office was officially opened in 1864, but the Redesdale Hotel had already been there for nearly a decade, built from distinctive bluestone on a 9020sqm block. It operated as travel accommodation and a horse-changing station for Cobb & Co during the Victorian gold rush, which occurred from roughly 1851 to the late 1860s.
The original Hotel counts a public bar and dining room, with open fireplace, kitchen, cellar, outdoor areas, including a beer garden, and five bedrooms with shared amenities.
There is also a separate two-bedroom cottage, and the original stables with dairy facilities, also built in bluestone, which have been kept in use over the years by previous owners.
The freehold owners have held the title for about eight years, and stepping back from running it three years ago leased the business to the current operators. This arrangement became a formal three-year lease last year, and there are two further three-year options.
Now looking to divest the asset completely, the vendors have engaged Dominic Romeo and Tom May of Jellis Craig Real Estate in the Macedon Ranges to market the property.
The sale price of $850k represents ROI circa 6.5 per cent, with the well-established tenant paying just north of $50k annually plus outgoings.
“The pub is now leased to people that have good pub food and beer, which seems to be a good fit with locals,” offered May.
