Melbourne’s first freehold pub sold under COVID-19 restrictions a positive sign for the market

The freehold opportunity of a long-standing South Melbourne pub, has sold for the first time in over 25 years.

JLL Hotels & Hospitality Group were exclusively appointed to market The Wayside Inn, located at 446 City Road, South Melbourne. The sale campaign was led by Will Connolly, Vice President - Investment Sales and offered to the market via Expressions of Interest.

“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 were implemented” said Mr. Connolly.

“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”. 

Occupying a prominent 587sqm corner site on the busy intersection of City Road and Ferrars Street, the property presented in excellent condition with features including 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 included the added benefit of a rare 5:00am liquor licence, to which the successful purchasers plans to capitalize 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's Hotels and Hospitality Group, 27^th August 2020