Grollo family sell popular alpine hotel
The Grollo family has shed a high profile investment from its significant alpine property portfolio.
The two level strata titled Kooroora Hotel at Mount Buller – part of a complex which six years ago replaced a c1953 venue of the same name – collected $3.8 million from a local private investor.
This result for RB1 and RG1/2-4 The Avenue reflects a 6.82 per cent net passing yield.
The incoming owner may be able to claim a 50 per cent stamp duty concession.
Raoul Holderhead and Mark Foster of Burgess Rawson, which is in the process of merging with CBRE, were the agents, with Castran Real Estate’s John Castran and Lachlan Castran.
Bruno, Rino Grollo shed Kooroora Hotel after 21 years
Grollo Group, led by developers, brothers Rino and Bruno Grollo, bought the former Kooroora Hotel in 2004.
The mixed-use redevelopment contains 18 apartments – sold down ahead of construction – and guest hotel accommodation.
The 811 square metre hospitality component which was just offered, which bought back the Kooroora Hotel name, includes a bar, indoor and outdoor bistros and soundproofed basement nightclub – all licensed to trade until 3am.
Maisano Gorup is on a lease expiring 2032 with two five year options.
The lease agreement includes fixed 3.5pc rent rises.
Mr Castran said the location, at the foot of the Bourke Street Ski Run overlooking Village Square, is a popular meeting spot.
Ernest and Aurel Forras developed the first Kooroora Hotel – and, after it was destroyed by fire in 1961, the second – which the Grollos razed.
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