AVC flips historic Victorian pub for a premium
EXCLUSIVE
Australian Venue Co has reaped an impressive profit from a historic Victorian pub bought late last year then re-offered with a long-leaseback and commitment to renovate.
The freehold to the Queenscliff Brewhouse, formerly the Esplanade Hotel, at 2 Gellibrand Street, collected $6.5 million.
The vendor paid $4.4m in an unreported deal last December.
That seller, an entity including then-operators Andrew Noseda and Anthony Xerri, outlaid $3.6m in 2016.
It was seeking $5.5m when the property was listed in mid-2023.
“The sale demonstrates the strength of investor appetite for high quality hospitality assets underpinned by nationally backed operators and long-term lease structures,” according to selling agents Matthew Wright and Neville Smith of Burgess Rawson, an agency in the process of being bought by CBRE.
Also today we are reporting Charter Hall sold the freehold of the historic Brunswick Hotel in Brisbane’s New Farm.
AVC turns quick profit
Opened in 1889, Queenscliff Brewery, on 1403 square metres zoned Mixed Use at the south west corner of Symonds, rises two levels with multiple bars and dining areas, bottle shop and beer garden.
AVC took over the lease from Otway Brewing.
Its initial lease expires in 10 years but with options it can stay until 2075.
The sale, via a company, Hawthorn Brewing Company Pty Ltd, directed by ex-Qantas chief executive director, Geoff Dixon, is being struck on a 5.52 per cent net passing yield.
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