Cool Kyneton pub priced at just $1.65m
Kyneton is without a doubt one of Victoria’s coolest country towns — and buyers seeking a change of pace now have the chance to own and run a local watering hole.
The circa-1860 Newmarket Kyneton Hotel — or “The Newie”, if you want to fit in with the locals — has hit the market priced at $1.65 million.
Ray White Kyneton director Helen Jens says the property at 100 Mollison St, which includes accommodation upstairs, could be sold as a freehold and business, or just a freehold.
“There are four pubs open at the moment (in Kyneton),” she says.
“It’s a pub that the young people really enjoy and it’s got a fair whack of accommodation upstairs; the rooms upstairs have long term residents in them.”
Jens says the hotel is open part-time and benefits from having the only TAB and Sky television licensing for the town outside the RSL.
The sellers, who are moving back to the city, have done extensive work on the property during their ownership; CoreLogic records show it last sold for $820,000 in 2012.
The agency told the Herald Sun they had converted the apartments upstairs, renovated the rooms, changed the decor downstairs and created a seated restaurant for 100 people.
Alongside eight tenanted rooms, there’s also a renovated two-bedroom apartment and a renovated three-bedroom apartment, the latter currently serving as manager’s quarters.
There’s a massive beer garden up the back to enjoy on sunny days and also a wraparound balcony facing out to the street on the upper level.
A prime location on the main drag about 100m from the post office is another plus.
Jens said “70-80%” of Kyneton’s listings were snapped up by out-of-towners, mostly from Melbourne.
The town’s median house price is $600,000, according to realestate.com.au. It’s just over an hour’s drive northwest of Melbourne, between Macedon and Castlemaine.
This article from the Herald Sun originally appeared as “Newmarket Kyneton Hotel: Chance to buy a cool country pub”.