The picturesque Savoia Hotel in Victoria’s famous spa country has come up for sale, as its long-serving owner-operator looks to retirement.
The Savoia Hotel is the only pub in Hepburn Springs – a town around 120 kilometres north-west of Melbourne, in the centre of the largest concentration of mineral springs in Australia. Home to the acclaimed Hepburn Bathhouse & Spa, 5-star resorts and boutique accommodation.
Merv Keating has been owner of the Savioa for the past 28 years, still spending most days behind the bar.
Built 1870, it is an icon of the area, seeing the celebrations both happy and mournful of most of its locals for decades. Its facade has been listed on the Victorian heritage register.
Beyond the spacious public bar, there is a billiards room, commercial kitchen and restaurant, large function room, veranda and beer garden, under a 1am licence. It also holds the only bottleshop in town.
Additionally, there are two separate two-bedroom self-contained staff residences.
The title is across two lots; the hotel at the front on 2,354sqm, with an unused lot at the rear of 793sqm.
The region is within easy reach of Melbourne, providing considerable opportunity for expansion of the operation, particularly around functions, plus there is provision for development on the site.
Its only competition in the area, the Hepburn pub, was recently closed for redevelopment into housing, and the Savioa already reports a major increase in patronage.
The region is popular with and populated by creative types as well as tourists, littered with restaurants and quality food suppliers.
“I think there’s massive upside in the hotel, if someone with experience wanted to spend some money there it could be a really thriving gourmet foodie pub,” suggests Kim McQueen, principle of McQueen Real Estate, engaged by Keating to market the asset and opportunities.
“It could also include accommodation. The Daylesford-Hepburn region is one of the most popular weekend holiday spots for Melburnians.”
Market indications suggest sale price likely north of $1.5 million.
The rare freehold vacant possession of the Savioa Hotel is being sold via Expressions of Interest.
