The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FULL PROGRAM RELEASED FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FULL PROGRAM RELEASED FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
VIEW FULL AGENDADETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
HotelStaff WriterWed 01 Oct 14

Investors Thirsty For Iconic Melbourne Pubs

C

This week sees two landmark Melbourne pubs placed on the market, which sales agents expect will be highly sought after at a time of limited market supply and when demand from investors and developers is approaching fever-pitch, underwritten by the low cost of debt.


CBRE Hotels agents Scott Callow, Mark Wizel and Joseph Du Rieu have been appointed as the exclusive agents forthe historic Corkman Irish Pub (formerly the Carlton Inn) in Carlton and the British Crown Hotel in Collingwood. They expect strong interest from local, national and international buyers.


The Corkman Irish Pub is located at 154-160 Leicester Street Carlton, near bustling Lygon St and surrounded by Melbourne University campuses and student accommodation.  It will be auctioned on October 30 on behalf of a family who has owned the asset for many years.


It will be offered as a freehold site, subject to a six month lease - with the ability for vacant possession in the short term. The buyers have the potential to take control of the business upon lease expiry, or look at development options (STCA). The property has a holding income of approximately $82,000 per year, sitting on 450sqm of land, with a mixed use zoning. The pub is expected to attract significant interest from developers, in light of how lucrative land in Carlton has become over the past decade.



The British Crown is at 14-18 Smith Street, Collingwood, within 2 kilometres from the CBD on 550sqm of land. The property will be sold by Private Treaty, with a current lease in place.


CBRE Hotels expect to see strong domestic and international interest for both properties given their immediate proximity to the Melbourne CBD. Recently, the demand for prime sites within the CBD and city fringe has reached record levels, with land values growing from $14,000sqm to $28,000 per sqm. The Corkman is expected to achieve a price in the high $3 million range, the British Crown in the low $3 million.


Joseph Du Rieu said the Melbourne pub market is experiencing a changing dynamic, with many underperforming pubs in top locations achieving premium sale prices. He says this is due to the strength of the underlying land value, and high demand for quality sites in the CBD and city fringe. 


Mr Du Rieu said; “We have seen many recent property sales along this trend, evident in the transaction of the Clarendon Hotel and Town Hall Hotel in South Melbourne, the Railway Hotel, West Melbourne, and the Duke of Kent Hotel in the north western corner of the CBD.”

HotelAustraliaMelbourneReal EstateTrend
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
Exclusive

Fortis Reveals Plans for Coveted Bowen Terrace Site

Taryn Paris
4 Min
Exclusive

Accor Deputy Delivers Verdict on Brisbane Games Hotel Shortfall

Phil Bartsch
6 Min
Qld Budget 2025-26 Brisbane City
Exclusive

Billions Promised, Now Deliver: Industry’s Qld Budget Verdict

Vanessa Croll
6 Min
Medium Density housing in NSW
Exclusive

NSW Budget ‘Groundbreaking’ $1bn Guarantee to Unlock Housing

Leon Della Bosca
7 Min
View All >
Sydney developer Platino Properties is planning a near 350-unit seniors development on the Northern Beaches as it continues to expand its over 55’s portfolio. The concept application extends the Skyline Place seniors precinct and is for 1 and 3 Skyline Place, Frenchs Forest.
Retirement & Aged Care

Platino Plans Northern Beaches Seniors Expansion

Renee McKeown
Lincoln Place Eagle Point Bowls Club and Clubhouse
Land Lease Communities

Lincoln Place Plots 209-Home Scheme on Gippsland Purchase

Leon Della Bosca
A rendering of the three-storey apartment project Arca by Red & Co at Stafford near Brisbane.
Residential

‘Confident’ Red & Co Starts Work on Stafford Apartments

Marisa Wikramanayake
The developer has opted to start building without pre-sales, so sure are they that families in the area will need housin…
LATEST
Sydney developer Platino Properties is planning a near 350-unit seniors development on the Northern Beaches as it continues to expand its over 55’s portfolio. The concept application extends the Skyline Place seniors precinct and is for 1 and 3 Skyline Place, Frenchs Forest.
Retirement & Aged Care

Platino Plans Northern Beaches Seniors Expansion

Renee McKeown
2 Min
Lincoln Place Eagle Point Bowls Club and Clubhouse
Land Lease Communities

Lincoln Place Plots 209-Home Scheme on Gippsland Purchase

Leon Della Bosca
3 Min
A rendering of the three-storey apartment project Arca by Red & Co at Stafford near Brisbane.
Residential

‘Confident’ Red & Co Starts Work on Stafford Apartments

Marisa Wikramanayake
2 Min
Genesis Street Frontage 3D Concrete Printed Duplex with Nick Holden
Technology

Australia’s First 3D-Printed Duplex Halves Build Times

Leon Della Bosca
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/investors-thirsty-for-iconic-melbourne-pubs