ENTERTAINMENT Enterprises has sold off The Library Nightclub in Perth’s Northbridge for $4.6 million, ending its 34-year association with the venue.
Investor Yusuk Khan acquired the two-storey, freestanding venue on the 505 sqm site at 69 Lake Street, on a walk-in, walk-out basis.
The venue has a ground floor and mezzanine of around 740 sqm, including private function rooms, and the second level has bars, lounge areas and mezzanine area. It is known for its eclectic fit-out, which includes more than 11,000 books.
Khan is believed to be exploring the site’s future redevelopment potential, and will in the meantime rebrand the venue.
CBRE’s Chloe Mason negotiated the sale.
“The opportunity to secure the freehold, business and Nightclub Licence within the tightly held Northbridge precinct attracted widespread interest from nightclub owners, hospitality investors and developers,” Mason said.
She said Northbridge is undergoing significant urban revitalisation through the State Government’s Perth City Link project.
Entertainment Enterprises acquired the property in October 1983 as Hannibal’s Nightclub, and hired Elle MacPherson for the launch event. The venue has been rebranded several times since.
Mason said the sale of The Library follows the Perth-based company’s decision to focus on its portfolio of bar and restaurant venues, which includes newly-opened Rambla on Swan, Tiger Lil’s, The Empire Bar and soon-to-be-redeveloped Varga Lounge.
Australian Property Journal