Positive signs as Melbourne freehold pub sold
In a positive sign for the pub sales market the freehold of long-standing South Melbourne pub, The Wayside Inn, has sold for the first time in over 25 years.
The Wayside is located at 446 City Road, South Melbourne and was offered to the market via Expressions of Interest, with the sale campaign was led exclusively by JLL’s Will Connolly, Vice President – Investment Sales.
“We cannot underestimate the positivity a result such as this will provide our market. The Melbourne hospitality industry has been and continues to be the heaviest hit since COVID-19 restrictions implemented,” Connolly said.
“We believe the sale of the Wayside Inn will provide confidence to hotel owners throughout Metropolitan Melbourne, whether they be owners of Leasehold or Freehold interest, that they own an asset that is viable and seen by the market as type of property that will recover.”
The Wayside comprises a 587sqm corner site, a large public bar area, dining room with adjacent courtyard and beer garden, an upstairs function room with a dedicated bar and outdoor rooftop area. The property also includes the added benefit of a rare 5am liquor licence, which the successful purchasers plan to capitalise on.
This sale continues a recent run of national results for the recently expanded JLL Hotels team such as Forresters in Surrey Hills NSW, the Elephant Hotel in Brisbane QLD along with a soon to be announced sale of a prominent Leasehold Gaming hotel in Bayside Melbourne.
JLL was not able to divulge the parties involved or the selling price.