One of Melbourne’s oldest CBD hotels is set to fall under the hammer later this month, at a time when boutique corner buildings are in short supply.
Tavistock House, circa 1850, will go to auction on November 18 on the back of a comprehensive campaign lead by Colliers International’s Daniel Wolman, Oliver Hay, Matt Stagg and David Sia.
The landmark building on about 900sqm on the corner of Flinders Lane and Tavistock Place has already garnered significant interest from prospective purchasers, both local and off-shore.
Mr Wolman said he was expecting a hot contest at the auction, as high-profile properties like Tavistock House were keenly sought, despite a shortage of supply in the current climate.
“The challenge is that there hasn’t been enough good stock coming to the market,” he said.
It is estimated that on average, only two major corner properties are brought to the market every 18 months.
“Assets like this are rarely transacted,” Mr Hay said. “It’s got a lot of upside, which is what we’re seeing purchasers want.”
The two-storey hotel at 383-387 Flinders Lane is more recently known for housing retail outlets Compleat Angler and Flyfisher, former business ventures of vendor Jim Allen.
An avid angler himself, Mr Allen bought the property in 1993 for $600,000. If it sells for its $6million estimate, it will have garnered him a 900% profit.
Tavistock House will be auctioned on Friday, November 18 at 1pm.