Historic landmark the St Andrews Hotel in the Kinglake foothills has been sold and is destined for significant investment, to better service growing demand from the surrounding lifestyle catchments.
St Andrew was a first-century Christian Apostle, and is a community less than 50 kilometres north-east of the Melbourne CBD boasting a high median household income and impressive housing growth. The town is on the path to the famed Yarra Valley winery region, attracting over five million annual visitors.
During the locality’s previous incarnation as ‘Queenstown’ the St Andrews Hotel was built, in 1856. Renowned for its cozy, country pub vibe it sports an identity formed around its rustic character, with open fireplaces, welcoming hospitality and a strong connection with community.
It has a earned a reputation as a local hub and destination for live music and motoring enthusiasts, biding visitors heed that there “ain’t no saints here”.
Occupying a generous 5,615sqm high-profile corner adjoining the popular St Andrews markets, the pub is well positioned to capture lucrative weekend and day-trip trade and the one million annual visitors to the nearby Kinglake National Park, but also offers significant development potential (STCA).
SAH was sent to market in July after the vendor, who had owned it for more than 30 years, joined forces with the tenant to sell it as a vacant freehold, citing upside in the development of under-utilized internal and external trading spaces.
Billed as a regional destination, the Hotel was expected to fetch sale price of circa $3 million.
Agents were unable to disclose the buyer or price on the transaction, which settles in January, except to say the purchaser is an existing and experienced hotel owner.
The unnamed party intends to invest in and upgrade the offering to better meet the evolving needs of the local community and growing demand from the surrounding residents and lifestyle visitors.
A campaign for the freehold and business was conducted by HTL Property’s George Iliopulos and Scott Callow, reporting strong interest from multiple prospective purchasers to acquire “a piece of outer Melbourne hospitality history”.
The transaction follows the recent freehold going concern sale of the Yarck Hotel, north-east of St Andrews.
“The St Andrews Hotel is a genuinely special property,” states Callow.
“There are very few hotels that can claim more than 170 years of history and such a strong connection with their local community.”
