Zagame family list trophy Melbourne hotel
Richmond’s trophy The Grand Hotel has been listed for sale by the Zagame family.
The enormous pub – with 780 square metres over two levels – at 333 Burnley Street, with frontage to two other roads, is expected to trade for over $5.5 million.
The tenant is on a lease expiring 2029 but with options can stay until 2044.
Vinci Carbone’s Frank Vinci and Joseph Carbone are the agents.
The listing comes a year since Charter Hall bought the freehold to the Harlow Bar, for years known as the Great Britain Hotel, in Church St, Richmond – for $9m.
On 485 sqm, that asset contains 1100 sqm including a rooftop bar.
Last month meanwhile, Baxter Pickard paid $10m for Fitzroy’s Napier Hotel – offered for the first time in 29 years – while Saxon Group bought South Melbourne’s Bell Hotel, outlaying $20m.
Grand building, site
Developed in 1888 and once offering accommodation, spreading a 647 sqm site, The Grand Hotel’s ground floor contains two bars, a beer garden, garage and store room.
Upstairs is configured with three dining rooms – two of them supersized – and offices.
Both floors have a kitchen and bathrooms.
With high quality internal fit-outs, the net annual return is $262,631.
The tenant, which operated the bar and bistro since 2010, picks up all outgoings excluding land tax.
This pocket of Richmond is about four kilometres east of the city, walking distance to Burnley station and the new Australia Post headquarters.
“Set within one of Melbourne’s most dynamic city fringe locations, Richmond, including the Burnley precinct, continues to benefit from robust commercial activity, strong population growth and over $3 billion in pubic and private urban renewal projects,” Mr Vinci said.
“The surrounding area features a vibrant mix of office, retail and residential uses, underpinned by excellent access to transport, lifestyle amenities and major arterial connections,” he added.
Subscribe to our newsletter at the bottom of this page.
