Mornington’s unique and popular Merchant Lane has hit the market, the pride of Melbourne’s southern peninsula after a ‘no expense spared’ renovation.
Merchant Lane is within a retail strip on Main St, Mornington, minutes’ walk from the Foreshore Reserve, which looks north over Port Phillip Bay.
The pub offers multiple trading spaces with a unique and adaptable layout and rare late-trading 3am licence. The renovation brought a high-end commercial kitchen, driving its “steak nights” and Food Truck Alley promotions, and features such as a state-of-the-art sound system.
The updated offering has seen it begin to hit its stride with locals and tourists, and as Melbourne’s hospitality sector continues to boil the partnership of owners feel it’s time to move on.
“The place is absolutely flying,” co-owner Mick Le Grand told PubTIC. “It’s the busiest place on the Peninsula and it’s a great opportunity for someone to grab it and take it to the next step.”
Le Grand’s family owned the Hallam Hotel since he was an infant, selling it around 2000. It is currently operated by ALH. He says the partners are all like him, “hospitality-based people” that have been in pubs for decades and will no doubt buy another.
“We’ll definitely do something else – where and when I’m not sure,” he replies. “But at the end of the day I’m absolutely sure that’s what we’ll be doing.”
The leasehold operation is being marketed by CBRE Hotels’ Will Connolly, who brings inside knowledge and says there’s “truly nothing like this” on the Peninsula.
“Having grown up on the Mornington Peninsula myself, I can truly say that Merchant Lane has introduced a concept that the area has been crying out for.
“One of the best things about the venue is that it can cater to a huge range of clientele, whether it be families for mid-week dinner, community groups, or of course the masses of younger patrons loyal to their late-night offering.”
The current lease term is four years, with two 5-year options. The business is currently turning over more than $2.2m annually, with net profit around 22 per cent.
The Merchant Lane will be sold via an Expressions of Interest campaign, closing Friday 28 July.
