The Emerald Hotel in South Melbourne is on the market for the first time in almost five decades with an early interest of $ 6 million.
Located on a 667 square foot corner on 409-415 Clarendon Street, the pub has a bistro, restaurant, sports bar with TAB facilities and beer garden.
The property is offered through a voucher campaign conducted by JLL Hotels and Hospitality Groups Will Connolly and Nick MacFie.
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Sir. Connolly cited JLL’s recent sale of The Wayside Inn to a private investor during Melbourne’s phase-four lockdown as evidence of continued demand for hotel properties.
“Many acquisition parties have been waiting [with] waiting for opportunities like The Emerald to emerge, ”Connolly said.
He said easing restrictions combined with record low interest rates created a “perfect storm” for reviving transactions in the hotel sector.
But it is not only 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 facades, the Emerald Hotel also boasts an exceptional development potential and will certainly capture the developers’ attention given the strong underlying property fundamentals of the asset as well as the vacant vacancy in the short term,” MacFie said.
Emerald Hotel is on sale by express of interest closing Friday, December 4th.
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