The regal Queens Arms Hotel of Bendigo is seeking a suitor, as long-timers look to time off and the city benefits from post-pandemic regional migration.
Set on a 625sqm corner of Russell and Steel Streets, enjoying combined street frontage of over 52 metres, the Queens Arms has traded continuously since it was built in 1869.
Pitched as an environment where everyone is welcome, it offers a large public bar, bistro and alfresco dining, function room and private spaces, and courtyard.
Approximately 150 kilometres from Melbourne, Bendigo is Victoria’s third-largest city and largest finance centre outside of Melbourne, counting a growing population of more than 100k residents. It boasts award-winning hospitality venues, a celebrated arts and culture scene, festivals and major events, and the Victorian Government is developing a new GovHub in central Bendigo to create jobs and boost the local economy.
Callum Francis and Corey Howard have been operating the Hotel for the past 12 years, and feel it is time to call it a day.
Being sold is a 10-year lease that commenced in March 2017, with four 5-year options, leaving 23 years remaining. Annual rent is a little over $185k, geared to CPI with annual reviews.
The operation reports annual revenue for FY22 of $2.6 million, and EBITDA of $355k.
The established business would likely suit a portfolio expansion or owner-operator looking to scale up.
“Or a first-time operator,” adds Phil Mammolito of CRE Brokers, marketing the property, “as the vendors are still passionate about the business and will be happy to teach an up-and-coming publican and get them started.”
The leasehold interest in the Queens Arms Hotel is being sold with an asking price of $1.25 million.
