Footballers’ South Yarra hotel The Emerson for sale
EXCLUSIVE
Former AFL players Glenn Archer and Leigh Colbert’s high-profile South Yarra hotel, The Emerson, is for sale.
The property, 141-145 Commercial Road, is being offered leased for 10-years, with fixed annual rent increases and two renewal options, each of five years.
Any new owner will collect a starting yearly income of $640,000.
The double-storey building with a rooftop terrace includes 1434 square metres of area configured as multiple trading spaces.
On a 540 sqm block at the Prahran border, it comes with a valuable liquor licence allowing trade until 5am.
The venue has the capacity for 675 patrons, Colliers International marketing agent Guy Wells, who is marketing the property with Oliver Hay, said.
The brokers are not advertising a guide price.
However, assuming a passing yield of less than 6 per cent, the investment would be worth upwards of $11 million.
The vendors acquired 141-145 Commercial Road in 2011.
For years prior, the property accommodated high-profile gay men bars, 3 Faces, and later, The Market Hotel.
A year after reopening it as The Emerson – which followed an opulent fit-out targeting “moneyed socialites”, penned by a former owner of New York’s Studio 54 – the venue won Australian Bartender Magazine’s revered award as the country’s best bar.
It won the same accolade in 2015 and 2017.
