MELBOURNE’S pub market continues its post-lockdown resurrection, as AVC acquired Fitzroy’s Bimbo hotel.
Bimbo, positioned in Melbourne’s Brunswick Street strip, was marketed in a discreet and targeted off market sale campaign by JLL Hotels & Hospitality, on behalf of Colonial Leisure Group.
Deal was eagerly negotiated within days, indicating a further revival of interest in food and beverage venues in Melbourne’s inner suburbs.
“The speed in which this iconic venue was secured certainly is pleasing and no doubt provides encouragement to other pub operators across Melbourne who may be considering the potential divestment of their venue,” said Will Connolly, selling agent and vice president of JLL Hotels & Hospitality.
In acquiring Bimbo, which serves affordable pizzas and late night entertainment, Australian Venue Co also secured a 3am late night liquor license and favourable lease terms.
“It was a pleasure to work with Will, together with the JLL team and Colonial Leisure Group, on the acquisition of this venue. We are excited to add another cracking Fitzroy pub to our portfolio,” said Paul Waterson, CEO of AVC.
JLL Hotels & Hospitality just managed the off-market offloading of $57 million of Sydney hotels in a single day, as stakeholders and hoteliers the Gallagher family take advantage of current market enthusiasm.
Surging activity in the sector also includes the acquisition of The Quarterdeck by hotelier Justin Hemmes’s hospitality group Merivale, Bachelorette winner Stu Laundy’s $40 million purchase of the Lennox Hotel and in one of the years largest transactions so far Manly’s Ivanhoe Hotel sold for almost $60 million.
“The leasehold pub market is once again building momentum as operators start to enjoy a sense of certainty. This sale, along with our recent off market transaction of the Grosvenor Hotel, St Kilda, provides scope for further transactional activity as the year progresses,” added Connolly.
Nationally, JLL currently has over $250 million in hotel assets under due diligence or in final contract negotiations.