AVC buys eight Melbourne pubs
KKR-backed Australian Venue Co has purchased eight Melbourne pubs including St Kilda’s Espy or Esplanade Hotel.
Sand Hill Road was the vendor.
The c$100 million leasehold deal was first mooted in early 2020, before the pandemic shut down the sector.
Following it finally coming off, AVC will hold over 200 venues.
At least a dozen have been acquired since last October, including the Village Belle, again in St Kilda, the Victoria Hotel in Yarraville and Sunbury’s Ball Court.
Outside of Melbourne, meanwhile, the group recently picked up the Apollo Bay Hotel on the Great Ocean Road.
It also divested some pubs including The Vincent in Albert Park, and South Melbourne’s O’Connell’s Hotel.
Last year, AVC temporarily abandoned a plan to float (story continues below).
Lucky eight
The KKR/Sand Hill Road deal includes the Garden State Hotel – which replaced the old Rosati restaurant – at 101 Flinders Lane in the CBD.
Four venues are in Richmond or Cremorne – including the Bridge Hotel, Richmond Club Hotel, Holliava and The Potsy.
The Terminus Hotel, in Abbotsford, and the Prahran Hotel, also form part of the transaction.
The freeholds are owned by different investors.
Sand Hill Road will now focus on redeveloping the Waterside Hotel in the CBD.
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