Just weeks after the freehold sold, Bon Vivant Group has sold its lease at South Melbourne’s popular local The Montague.
In February the Fermanis family announced the sale of the freehold of the Park Street pub, following an unsolicited offer Noel Fermanis said was “too attractive to ignore”.
The $3.3 million sale of the freehold through CBRE Hotels represented a sharp 4.5 per cent yield on the property, which came with a lease of 18-years plus five-year options to Bon Vivant Group (BVG).
BVG, from the French for “living well”, is publican Nick Allardice and Frenchman Romaric Senelas, established in 2015. The pair also operate the long lease of the nearby The Cricketers, and Clove Lane bistro in Sydney.
The Montague leasehold interest has similarly sold following an unsolicited offer – this from the Glenane family, proprietors of an adjacent café, who have seen the business build a strong and committed following in the area.
Allardice told PubTIC they have done what they set out to do, and want more.
“When we bought The Monty we could see it had the potential of becoming the heart of the community.
“We realised that this had become a reality recently, and with the unsolicited offer it allowed us to go and do it again on a larger scale.”
The BVG director believes their skillset and acquired team could successfully juggle three to four venues, and is in pursuit of the next.
“The sale allows us to look and find the right venue that we can turn into a great local! The good thing about having The Cricketer’s is that we can take our time to find it.
“There has never been a better time to create these community hubs, and I know there is plenty of suburbs out there wanting what we create.”