The appetite for coastal pubs continues unabated with sale of Victoria’s iconic Apollo Bay Hotel, south-west of Melbourne.
The picturesque property came to market for the first time in over 30 years in February, offering the freehold title and a thriving business that has been recipient of numerous industry awards.
Mere metres from the ocean on a 2,368sqm site, it offers an attractive front deck overlooking the beach, a public bar, large family-friendly bistro, multiple function spaces, and newly-added beer garden at the rear that proved very popular with both locals and tourists over the summer period.
The business offered strong fundamentals and base revenue, and the sale campaign was reportedly “hotly contested” drawing more than 150 enquiries and multiple offers, resulting in a sale price above the stated guidance of $10.5 million.
It has been secured by a Victorian-based publican, who has chosen to remain unnamed.
Apollo Bay joins an impressive list of coastal pub assets changing hands recently, highlighted in Victoria by Merivale’s debut into the state with purchase of the nearby Lorne Hotel last July for around $38 million, and north of the border, Harvest Hospitality buying the Woy Woy Hotel in October, Colin Parras taking the Shaws Bay in November, and the extended Laundy family buying the Orana Hotel in Blacksmiths this month.
JLL Hotels’ Will Connolly notes the quality and quantity of buyer as proof of The Apollo’s appeal.
“The level of enquiry and buyer participation was certainly testament to the reverence held to the Apollo Bay Hotel,” he says.
“We received five incredible offers at the culmination of our EOI campaign, and with just the right level of competitive tension we were able to produce an acceptable result for our delighted vendors at a level significantly above our original price guide.”
