South Melbourne's Emerald Hotel on the market for the first time in 48 years
The Emerald Hotel in South Melbourne is on the market for the first time in nearly five decades, with early interest at $6 million.
Located on a 667-square-metre corner site at 409-415 Clarendon Street, the pub features a bistro, restaurant, sports bar with TAB facilities and beer garden.
The freehold asset is being offered through an expressions of interest campaign conducted by JLL Hotels and Hospitality Group’s Will Connolly and Nick MacFie.
Mr Connolly cited JLL’s recent sale of The Wayside Inn to a private investor during Melbourne’s stage-four lockdown as evidence of the continuing demand for hotel assets.
“Many acquisitive parties have waited [with] bated breath for opportunities like The Emerald to emerge,” Mr Connolly said.
He said the easing of restrictions combined with record-low interest rates was creating a “perfect storm” for the revival of transactions in the hotel sector.
But it’s not just hospitality groups that are expected to be interested in the sale, with the property’s underlying development potential likely to attract investors and developers.
“With Commercial 1 Zoning and three street frontages, the Emerald Hotel also boasts some exceptional development potential and will definitely catch the attention of developers given the strong underlying real estate fundamentals of the asset as well as the near-term vacant possession of management,” Mr MacFie said.
The Emerald Hotel is for sale by expressions of interest closing Friday, December 4.
