The toast of Ringwood has come to market, as three partners offer up their pumping bar-nightclub Orange Whip.
Overlooking the Maroondah Highway at Ringwood, 28 kilometres east of the Melbourne CBD, the Orange Whip is a renowned late-night venue, operating under a 5am general hotel licence.
The expansive venue boasts capacity for 620-pax, featuring three separate dance rooms and stages, multiple fully-equipped public bars, a large outdoor smoking area, upstairs VIP room, and state-of-the-art sound equipment.
It enjoys strong trade and operates multiple popular themed nights, with minimal proximate competition, turning over nearly $1.15 million, returning near 11 per cent.
A five-year lease has just been renewed, with a further two five-year options, paying market rent of $134k annually.
Andrew Curren is one of three partners in the business, having previously owned Bendigo’s Universal Nightclub before four years at Ringwood. He currently operates Bourke’s Hotel in Yarrawonga, three hours north of Melbourne, where he has capitalised on his background owning a resort at Port Douglas and motel at Longreach, around 12 hours’ drive apart in Queensland.
Looking to further expand his successes in regional Victorian accommodation pubs, and further reduce travel between his venues, he and partners have listed the Ringwood leasehold.
“I think we’ll look at buying another regional hotel,” he suggests. “Around this area would be ideal.”
Entertaining a predominantly young clientele (likely born after the release of the 1980 movie from which it takes its name), the Orange Whip has been put to market through CBRE’s Will Connolly, who reports publicans already showing great interest in the business’ untapped potential.
“The venue certainly presents a huge variety in terms of what direction it can be taken.
“Not only can a purchaser take it on now to continue to build on its already huge following, the potential is also there to bring more a of a ‘pub’ type offering by introducing a food concept, and adding further function trade.
“This flexibility has certainly been evidenced by the interest we’re receiving – from the hotel industry, to function and event operators.”
Leasehold interest in the Orange Whip is for sale to offers over $450k (+ SAV).
