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HOTEL, TOURISM & LEISURE

Iconic Subiaco watering hole to be sold

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SUBIACO’S iconic Vic Hotel has hit the market as a freehold going concern, offering an historic venue on a 2,000 sqm site close to the Perth CBD.

CBRE’s Aaron Desange, Ryan McGinnity and Chloe Mason are marketing the asset, which incorporates all land, building and business assets, via expressions of interest closing April 17.

The Vic Hotel opened in 1898 and comprises large bar areas, open kitchen, restaurant dining, alfresco and function space over two levels, and 54 on-site parking spaces.

It underwent substantial renovations in the 1980s and has since been managed by operators including Black Toms and ALH Group.

Mason said the opportunity to acquire a well-established venue in Perth’s city fringe would underpin buyer interest.

“The freehold going concern of the Vic Hotel has not been offered to the market for many years – nor has a freehold going concern for any other inner-city venue,” he said.

McGinnity said Subiaco was earmarked for a major transformation over the coming years, which would significantly benefit local businesses. The Vic Hotel is positioned within the Subi East precinct, a 35.6-hectare area earmarked for rejuvenation.

“With strong investment appetite for quality pub assets in Perth, the freehold owners and tenant have come together to capitalise on buyer demand.”

Australian Property Journal