EG, backed by a lease commitment to Australian Venue Co, has purchased the freehold going concern of Maribyrnong’s landmark Anglers Tavern from the Scerri family.
The deal will see the fund manager pay $23.33m for the freehold – an 8270 square metre riverside block with a multi-room bistro and large customer car park.
The occupier is understood to be outlaying c$7m for the leasehold but this could not be confirmed.
The pair partnered for their first hotel last month – the Redcliffe Tavern, in Brisbane, which will be operated via AVC’s Queensland Venue Co.
That freehold cost $19.29m following a campaign by Savills’ Jon Tyson.
Anglers to anchor trust
Both pubs are earmarked for EG Private Wealth clients; the Anglers will seed a wholesale trust offering 8.5 per cent per annum for its seven year term.
“Property assets in the hospitality sector present a strong platform for growth and consolidation,” EG head of Capital Transactions, Sean Fleming, said.
“Great hospitality venues remain relevant to local communities, especially with lead operators building their reputation,” he added (story continues below).
“Assets with long-term leases and strong underlying land fundamentals represent value that our community of wholesale investors will benefit from both today and in the years ahead, according to EG head of Private Wealth, Rodney Walt.
At 2 Raleigh Road, on the banks of the Maribyrnong River, the Anglers Tavern previously hit the market in mid-2018 with a leaseback – a campaign which promoted the land’s General Residential zoning and potential to be repurposed as a major medium density project.
That outcome is unlikely now, with AVC signing an initial 15 year lease.
“The site…provides multiple short and long term value-add opportunities being located on a prime…landholding with absolute river frontage and potential to add further value by capital improvements,” an EG statement said.
Maribyrnong is about eight kilometres north west of Melbourne; the Anglers Tavern is on a site neighbouring the suburb border with Ascot Vale and Moonee Ponds.
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