Hotel Property Investments has swooped on another Melbourne pub, this time in Sunbury.
The Ball Court Hotel at 60 Macedon Street, on the corner of Jackson, is costing $7.6 million – a price reflecting a 5.4 per cent yield.
The property contains an adjoining residence – which will make way for a venue extension.
It also includes four retail tenancies.
Upon settlement this month, HPI said it intends to tip in $300,000 on a refurbishment.
Australian Venue Co – with which the landlord has a relationship – will then occupy it on an initial 15 year lease.
HPI portfolio growing
The Ball Court Hotel deal comes a month since HPI paid the Zagame family $28m for Reservoir’s Edwardes Lake Hotel (story continues below).
The ASX listed buyer also holds the Summerhill Hotel in that suburb – which it picked up as part of a $63.3m portfolio last year.
Both these venues are tenanted to IPR Hotels.
Earlier this year the group acquired six Queensland hospitality assets for a total of $32.66m.
It also recently snapped up Airlie Beach’s Jubilee Tavern (after a $9.3m outlay) and Brisbane’s Mango Hill Tavern ($31.3m).
Those eight properties are leased to AVC arm Queensland Venue Co.
Subscribe to our newsletter at the bottom of this page.