The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
LESS THAN 30 DAYS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
4 WEEKS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
SECURE YOUR SPOTDETAILS
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 WriterMon 04 Sep 17

Historic Fitzroy Pub Expected to Sell for $20 Million

PRINT_013A6144

The historic inner-city Tankerville Arms Hotel in Fitzroy has been listed for sale, with price expectations exceeding $20 million.

Constructed in 1865, the 230 Nicholson Street property is situated on a 1,087sq m site over three titles and comprises a public bar, bistro and a first-floor function room which can accommodate up to 120 patrons.

The hotel is currently owned by a Melbourne hotelier and investment partners. The business has a strong gaming emphasis, operating 49 gaming machines and TAB.

“It’s extremely rare that a gaming freehold and business is offered for sale by way of public auction. The vendors are very genuine in achieving a sale in a market that is recognised as being extremely tightly held,” CBRE's Scott Callow said.

Cropley Commercial’s Steve Cropley and George Iliopulos in conjunction with CBRE Hotel’s Scott Callow & CBRE City Sales’ Mark Wizel have been appointed to sell the freehold going concern.

“The recent announcement around the future of gaming entitlements has given operators greater confidence to continue investing in the industry,” Iliopulos said.

“There has also been a significant increase in the median house and unit price within Fitzroy, which has been driven by demand to live close to the Melbourne CBD. People want to live within two kilometres of the city and have high accessibility to the amenity that it provides,” Iliopulos said.

“Corner land holdings in such close proximity to the CBD are rare and command significant interest from offshore developers, in particular, Singaporean, Malaysian and Chinese. Developers are confident that there is strong demand for high density living in Fitzroy given the already high levels of apartment living,” Wizel said.

Land values in Melbourne’s inner suburbs have increased significantly in recent years off the back of rising CBD land values, pushing developers to look outside the CBD for development site opportunities.

The Tankerville Arms Hotel is being offered for sale via on-site auction on Thursday 5 October, 2017 at 12pm.

HotelAustraliaReal EstateSector
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
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
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
View All >
The City of Melbourne has opted to keep Greenline in the 2025-26 Budget.
Policy

Melbourne Budget Puts Paid to Greenline Future Fears

Marisa Wikramanayake
Markets

Private Credit’s Biggest Risk in Expansion: Sameer Chopra

Taryn Paris
Wynnum Masterplan hero
Development

Masterplan Revealed for Brisbane Bayside Super-Site

Phil Bartsch
The planned vertical “micro urban village” would comprise more than 400 apartments…
LATEST
The City of Melbourne has opted to keep Greenline in the 2025-26 Budget.
Policy

Melbourne Budget Puts Paid to Greenline Future Fears

Marisa Wikramanayake
4 Min
Markets

Private Credit’s Biggest Risk in Expansion: Sameer Chopra

Taryn Paris
2 Min
Wynnum Masterplan hero
Development

Masterplan Revealed for Brisbane Bayside Super-Site

Phil Bartsch
4 Min
Residential

Consolidated Reveals Next Riverfront Play in $64m Deal

Leon Della Bosca AND Taryn Paris
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/tankerville-arms-hotel-fitzroy