The run of Victorian regional pub sales has continued with new locals taking over the picturesque Ocean View Hotel in Kilcunda.
Found in the heart of Victoria’s picturesque Gippsland coastline, the ‘Killy Pub’ is the flagship of the seaside town of around 600 residents, just under two hours from Melbourne’s CBD.
The hotel provides a public bar, large family bistro and intimate dining room, expansive rear beer garden and front veranda with 180-degree uninterrupted water views, granting the Ocean View its name.
Mark Volard has owned and operated the business for a little over a decade, and after “a great stint” has done his time and is looking to retire.
He engaged JLL Hotels’ Will Connolly and Lachlan Persley to conduct a discreet, off-market campaign, which reportedly unearthed a number of “passionate nearby hoteliers” looking to add the OVH to the stable.
Winning the pursuit was Kilcunda locals Brett Crellin and Paula Doody, who intend to undertake an immediate refurbishment to optimise the premium location.
The leasehold operation runs for another 20 years and was sold on a strong regional yield of 33 per cent.
Last month James Sinclair’s Signature Hospitality Group secured Bendigo’s Metropolitan Hotel, and last week the nearby Westernport Hotel came to market at the gateway to Victoria’s world renowned Phillip Island, in San Remo.
Agents suggest the activity and this sale are clear indication of the dedication to ensuring the continued success of Victoria’s cherished regional pubs
“The local purchaser is passionate about revitalising the venue and capitalising on the unwavering upside,” says Connolly.
“Their vision for refurbishing the Killy Pub will no doubt elevate the patron experience to new levels.”
