Buyers with a thirst for Victorian hotel assets are expected to battle it out with developers to get their hands on the well-known Bridie O’Reilly’s pub in Brunswick when it goes under the hammer.
Colliers International’s Guy Wells and Pat Connolly, in conjunction with Jonathon McCormack and Alex Ham of Gross Waddell, have been appointed to sell the popular pub at 29 Sydney Road in Brunswick.
The prominent hotel comprises a ground floor lounge area, large dining room / nighclub area and outdoor courtyard. The first floor provides various offices and storage areas along with a former managers residence.
Situated at the corner of Brunswick and Sydney Roads with additional frontage to Black Street, Mr Wells said the property represented an opportunity for investors and developers alike.
“The 1,120sqm (approx.) site provides a unique development opportunity being a gateway site in Brunswick with multiple street frontages, proximity to parklands, retail amenity and some of Melbourne’s most prominent universities,” Mr Wells said. “The site has been earmarked by the Moreland City Council as having the potential for a five storey development within the Brunswick Structure Plan.
“The property is offered with the benefit of lease returning approximately $275,000 per annum (excluding GST) with one year remaining on the current lease term, and a further five year lease term."
Bridie O’ Reilly’s is located at the boundary of Brunswick and Parkville, about 3.5km north of the Melbourne CBD. Formerly known as the Sarah Sands Hotel, it was as extensively refurbished in 1997 and now operates as an Irish themed pub and entertainment venue.
“This section of Sydney and Brunswick Roads comprises a mixture of uses, including smaller retail shops, restaurants and cafes along with smaller offices and older industrial use premises, many of which have been converted to residential apartments over recent years,” Mr McCormack said.
“The Barkly Square Shopping Centre is situated within 200m of the hotel and provides significant retail amenity for the surrounding area.
“The property maintains excellent public transport connectivity, with trams passing along Sydney Road, busses along Brunswick Road and the Jewell Railway station approximately 200m from the site."
Also nearby are a variety of public amenities and parks including Royal Park, Princess Park, Melbourne Zoo, Royal Park Golf Club, the State Netball and Hockey Centre, Melbourne University and RMIT University.
This property will be sold by public auction on Wednesday October 28 at 12noon on-site.