Fitzroy’s thumping Tankerville Arms Hotel is to be sold via auction, with price expectation exceeding $20 million.
The Tankerville sits on 1,087sqm on the prominent corner of Nicholson and Johnston Streets Fitzroy, just two kilometres from the heart of Melbourne.
Built in 1865, the two-storey pub incorporates a bar, bistro, upstairs function room accommodating 120-pax, and strong gaming focus with 49 EGMs plus TAB.
Recent developments in the gaming sector in Victoria on EGM numbers and the future of unused entitlements have bolstered confidence amongst operators, but stand to further the differentiation of gaming versus non-gaming pubs in the State.
Fitzroy has seen a significant increase in median residential property prices, relentless gentrification and increasing density, driven by its proximity to the CBD. This underpins potential for the Tankerville site, likely to attract interest from Australian and overseas developers.
The freehold going concern has been listed by “local owners” through CBRE Hotel’s Scott Callow and Mark Wizel, in conjunction with Cropley Commercial’s Steve Cropley and George Iliopulos.
“It’s extremely rare that a gaming freehold and business is offered for sale by way of public auction,” notes Callow.
“The vendors are very genuine in achieving a sale in a market that is recognised as being extremely tightly held.”
The Tankerville Arms Hotel will be auctioned on-site Thursday, 5 October at midday.
