British Crown Hotel a $6m blank canvas
The former British Crown Hotel in Collingwood has graced the property market — but it will cost more than a couple of parmas to possess this tired showpiece.
The old pub at 14-18 Smith St has existed under different names since 1860, according to the Collingwood Historical Society.
But the property, which has been vacant for some time, has retained its general liquor license and has been used as a function space.
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It is priced between the high $5 million to low $6 million range.
Colliers International agent Dave Walker says the property is essentially a blank canvas.
“It is a pretty typical pub space with expansive areas, excellent frontages and great street exposure,” Walker says.
“A mix of hospitality users, hotel operators and value add developers … with a tailored and bespoke approach have shown interest.
“It would be great to see the purchaser embrace Collingwood’s grunge culture, but also give the building a new lease on life and a modern legacy.”
The commercial building is located on 555sqm with 49.7sqm of dual street frontage.
Colourful graffiti and posters are sprawled on the facade, while timber ceilings, exposed brick walls and period features are inside.
Walker says the facade is heritage protected and anyone who wants to demolish the property is “out of touch with what the market wants, and what people ultimately want to live in”.
“There’ll be a strong motivation for the buyer to retain or complement what is already there,” he says.
He adds that the vendor owned the pub for several years and once had intentions of refurbishing it.
“There has been heaps of interest in the property because of its location, existing building structure and history,” Walker says.
“There is a limited availability of inner-city opportunities (like this one.)”
The property last sold for $3.425 million in March 2015, according to CoreLogic.