This article is from the Australian Property Journal archive
SEVEN bidders have jostled for Abbotsford’s historic Park Hotel, with a private investor tasting success with a winning bid of $3.18 million.
The sale price for the inner Melbourne 191 Nicholson St property was $930,000 above reserve and reflected a tight 2.6% yield.
Knight Frank’s Andrew Greenway and Paul Pellegrino sold the property. It covers a corner site of 480 sqm and has a two-level building of 370 sqm comprising a front bar, dining room, commercial kitchen, beer garden and upstairs accommodation.
The Park Hotel celebrated its 150-year anniversary in 2014.
It sold with a current lease term of three years until July 2018 with a further three-year term, returning $83,340 per annum net, and was marketed with the ability to be purchased on vacant possession subject to an agreement with the sitting tenant.
Australian Property Journal
