The storied Emerald Hotel in South Melbourne has come to market for the first time in 48 years.
Nestled on a 667sqm corner site, just a few kilometres south of the Melbourne CBD, with the 12 tram running right past the door, the Emerald claims to be a traditional yet unique hotel – a “country pub in town”.
Over the decades it has become a favourite for horse racing and sports fans, at least in part due to its showing all racing and all AFL games live. Many Melbourne Cup wins are said to have been celebrated there by jockeys, trainers and owners, as well as punters.
Famously, Subzero – winner of the 1992 Melbourne Cup – has even had a drink at the Emerald’s institutional front bar.
For more than 30 years it has been operated by the Lewis family; Andy and Jane Lewis accumulating a string of awards.
Beyond the public bar it offers a bistro and restaurant, sports bar with TAB, function area and beer garden.
The freehold interest is being sold through JLL Hotels’ Group’s Will Connolly and Nick MacFie, who note the ‘perfect storm’ in Victorian real estate given record low interest rates and recent easing of restrictions.
Early interest in the asset is said to be at circa $6 million, reflecting the continued sharp yields seen in Victoria.
The Emerald Hotel is for sale via Expressions of Interest, closing Friday, 4 December.
