Popular Abbotsford pub, The Carringbush Hotel, is expected to be the subject of strong competition from a variety of buyers when it goes under the hammer next month.
Colliers International’s Guy Wells and Mark Durnan of Advanced Hospitality Brokers have been appointed to sell the Carringbush Hotel at a public auction on November 30 at 12noon onsite. The property is expected to attract interest in the mid $2million range.
“Well known in the area as a popular meeting point and function venue for Collingwood Football Club supporters, the Carringbush Hotel has a rich history on the Abbotsford pub scene,” Mr Wells said.
“Offered to market for the first time in over two decades, the property and business is being sold as a freehold going concern to allow an incoming purchaser flexibility over the asset."
Originally known as the Langridge Family Hotel, it was rebuilt in 1889 and remamed the Friendly Socieities Hotel. It became the Carringbush Hotel in 1984, named after the infamous Frank Hardy novel, Power Without Glory.
“The hotel has been a gastro pub and traditional drinking venue for a wide range of locals over the years – some more colourful than others – and we look forward to seeing what a new owner can do with the space,” Mr Durnan said.
The Carringbush Hotel is situated on around 385sqm of Neighbourhood Residential zoned land and hits the market after the well-documented sale of the nearby Park Hotel, which sold in early September for $3.18million after a hotly contested auction that saw fierce bidding.
Mr Wells said while the Park Hotel was offered with a holding income, the flexibility of the Carringbush Hotel was anticipated to appeal to a variety of potential purchasers.
“We have been approached by a number of parties over recent months about the hotel, with enquiries from tenants, owner-operators and investors, - and even a residential buyer,” Mr Wells said. “The hotel benefits from plans for the redevelopment of the first floor that includes updated ensuite accommodation rooms. While the vendors were considering the opportunity to refit the first floor, the decision has been made to divest with this unique hotel.
“The ongoing development of the Abbotsford area continues the evolution of this once-industrial neighbourhood, with a variety of mixed use and residential projects either underway or currently being sold.
“The recent launch of the Pace development on Johnston Street and the Abbot by Meydan Group, both in close proximity is a further example of the appetite for residential demand in the area. While there are limited hotels servicing the Abbotsford area, we have also received interest from residential buyers looking to convert the pub to a large inner city house or apartments.”