A large corner pub on the outskirts of Melbourne city has hit the market, boasting a blank canvas and development potential in a rapidly growing precinct.
Yarraville’s Commercial Hotel occupies 1,538sqm at the junction of Whitehall and Hall Streets, around seven kilometres due west of the Melbourne CBD.
The imposing two-storey pub holds 500-pax and is the proud home of retro music, pub grub and good-times, with a courtyard and parking and a late-night licence. The upper level faces east over the Port of Melbourne and Maribyrnong River.
The site is zoned Industrial 3, with no heritage overlay, allowing for retail opportunities, including convenience shops, and small-scale supermarkets and associated stores (STCA).
The area has been undergoing major residential growth and population increase, with the average unit price lifting 58 per cent and house price 28 per cent over the past three years.
Vendor Mark Logiudice has listed it through CBRE’s Will Connolly, recognising the value potential of a vacant possession in the current market.
“The Commercial Hotel represents one of the more unique opportunities to come to market in 2018, simply due to the range of potential uses the site offers,” states Connolly.
“The asset offers ultimate flexibility for the purchaser to immediately owner-occupy, lease out, and/or develop on a site with dual-street frontage, on the doorstep of the Melbourne CBD.”
Far from a certain redevelopment, the aptly named Commercial could very likely go the path of the recently rescued Retreat of Abbottsford, and find new life under the right invigorated hotelier.
“The site also offers potential hospitality operators a fantastic blank canvass with its valuable 3am late night liquor licence in place and included in sale.”
The Commercial Hotel will test the market via an on-site public auction, to take place Wednesday 28 March at 11:00am.