The commercial property market is feeling the pinch. The traditional powerhouses – offices and shops – are struggling, but amid the carnage the humble country pub is now hotter than ever before.
John Musca, managing director of JLL’s hotel division, said that in 2022, the agency sold a record $1.2 billion worth of assets across 78 transactions. Even the Cardinia Park Hotel, located in the outer south-eastern suburbs, fetched $25.4 million. Currently, the bayside St Kilda Prince of Wales Hotel is up for sale with a price tag of more than $50 million.The Pier Hotel in Port Melbourne, a popular watering hole, is also on the market, although its price hasn’t been disclosed. Similar pubs with development potential and beachfront views have been valued at about $18 million.
Smaller investors, including those with healthy self-managed super fund balances, see pubs as a relatively safe bet with the potential for strong returns. And there’s no shortage of country pubs available for sale.Many of the sellers are long-term family groups or owner-occupiers looking to take advantage of the surge in demand to cash in their chips.
The historic Brewhouse in Queenscliff, once known as the Esplanade Hotel, is now on the market with a price tag of $5.5 million.
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