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 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.