The upcoming leasehold sale of the iconic Beach Hotel in Albert Park is expected to generate significant interest among operators keen to secure an affordable gaming leasehold with untapped potential.
Colliers International’s Guy Wells and Will Connolly have been appointed to sell the leasehold interest in the Beach Hotel at 97 Beaconsfield Parade, Albert Park by Expressions of Interest closing March 4 at 4pm.
Mr Wells said the business, which was being sold by Moe Racing Club, was one of the few gaming leasehold pubs available in metropolitan Melbourne. Its sale provided a rare opportunity to acquire a well located metropolitan gaming venue with clear upside and future growth.
“The Beach Hotel is an affordable gaming leasehold with untapped potential to deliver a true powerhouse hotel within one of Melbourne’s most sought after locations,” he said. “The ability to acquire this hotel provides an operator the luxury of a broad business base with multiple revenue streams.
“With a fully upgraded gaming room and established pre-commitment technology, the Beach Hotel is awaiting a new operator who can truly deliver a strong concept to fulfil the appetite of local residents and those visiting the popular Port Phillip Bay."
Once owned by Collingwood Football Club, the Beach Hotel has a strong history as a popular bayside nightspot.
The venue comprised multiple trade areas and service offerings and had limited surrounding competition in the immediate vicinity. It was offered with a long term lease, with 20 years remaining (inclusive of options).
“The Beach Hotel is an established double storey hotel comprising a ground floor public bar, modern gaming room with 32 electronic gaming machines, TAB area, dining area, function rooms and courtyard/beer garden,” Mr Connolly said.
The first floor of the hotel provides an additional function room and 13 accommodation rooms.
Mr Connolly said significant surrounding residential development would further increase the local captive audience.
“The hotel is surrounded by a mix of properties, with Victoria Avenue providing an established commercial shopping strip including restaurants, cafes and retail outlets,” he said.
“Albert Park itself is an established and highly regarded bayside suburb of Melbourne. The hotel overlooks Port Phillip Bay and is in close proximity to the Albert Park Lake and surrounding leisure areas."
The Beach Hotel is located on the north eastern corner of Beaconsfield Parade and Victoria Avenue, 4km south of the Melbourne CBD.
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