Opportunity to acquire over one acre of CBD hospitality freeholds
An unprecedented collection of hospitality assets has come to market, offering an incredible opportunity to acquire over 1 acre of prized freehold CBD assets in the heart of one of Victoria’s largest regional centres. ‘The Ballarat Collection’ is being exclusively offered for sale via JLL Hotels &Hospitality Group’s Will Connolly in conjunction with Cropley Commercial’s George Iliopulos via national Expressions of Interest.
Included in the offering are two of Ballarat’s most recognised hotels, the Heritage on Lydiard together with The George Hotel, with both assets available as freehold going concern. Complementing these hotels are three surrounding freehold hospitality assets, providing annual rental, all of which are located within Ballarat’s thriving Lydiard Street North and Armstrong Street North precincts.
Summary of assets:
- The George Hotel
- Quality Inn Heritage on Lydiard
- 43 Lydiard Street North
- 22 Armstrong Street North
- 24-28 Armstrong Street North
Occupying a commanding position in the heart of the historic Lydiard Street North precinct, The George Hotel provides a range of trading zones, including a main bar and dining room, gaming room housing 28 electronic gaming machines and multiple function areas, along with the popular ‘Laneway Bar & Café’, providing a taste of Melbourne laneway dining with its contemporary design. The Heritage on Lydiard is a popular boutique accommodation venue which includes a fully fitted, downstairs restaurant. The assets combined provide 28 well-presented guest rooms, both underpinned by franchise agreements with multinational hotel operator, Choice Hotels.
Will Connolly, Senior Vice President, JLL Hotels & Hospitality Group anticipates the assets will be hotly pursued by a broad profile of buyer. “An offering such as this has rarely been seen in Victoria’s regional markets, with purchasers having the opportunity to acquire two historically significant going concern hotel assets providing the ability to operate immediately. Whilst further underpinned by the opportunity to secure additional freehold assets to complete an irreplaceable landholding within the centre of Ballarat’s CBD,” commented Connolly.
The properties at 22 and 24-28 Armstrong Street North provide securely leased hospitality/retail investment opportunities, with tenancies including nationally recognised ‘Zambrero’ occupying 22 Armstrong Street North, and 24-28 Armstrong Street North housing popular ‘Roy Hammond’ and ‘Hop Temple’ hospitality venues, with each of the assets secured by long term lease agreements.
George Iliopulos, Cropley Commercial commented, “We’re certainly in unprecedented circumstances where a purchaser can acquire a varying selection of assets to both operate and invest in one of our state’s most dynamic regional centres.
“Both Cropley Commercial and JLL are privileged in being afforded the opportunity to present such a significant collection of assets to market and we look forward to coordinating a successful program on behalf of our vendors,” Iliopulos concluded.
JLL Hotels & Hospitality Group, 13th November 2023
