Sam Tresise is looking to divest his fully-managed leasehold interest at the elegant The George, in South Melbourne.
Tresise counts a number of business interests in the southern capital, including the nearby Bells Hotel. Time constraints have meant The George being run completely under management.
It offers a large public bar, lounge, ample footpath space for outdoor dining, fully kitted commercial kitchen and intimate bistro area, outdoor courtyard with partial covering and upstairs function room, with views over the famous South Melbourne Market.
The business reports over $2 million annual revenue, and holds a 1am general hotel licence.
In 2018 Tresise sold the freehold of The George, staying on as operator under a new 20-year lease, including options.
He has now listed the leasehold interest through CBRE Hotels’ Will Connolly, the business available for the first time in a decade, and suggesting benefit for a hands-on operator.
“The George Hotel easily boasts one of the best locations in Melbourne,” states Connolly.
“With South Melbourne Market essentially at your doorstep and positioned within walking distance to both residential and commercial property, a savvy operator will be able to take the reins and create a true ‘community’ pub in one of our city’s busiest precincts.”
The long-term lease at The George is for sale via private treaty, looking for offers north of $500k.