Darryn Lyons sells his Home House nightclub site
Home House nightclub owner Darryn Lyons has sold the freehold site of the Moorabool St venue.
Celebrity photographer and former mayor Geelong Darryn Lyons has sold the freehold property that’s home to his city nightclub, Home House.
The freehold title to the 1145sq m venue at 40-42 Moorabool St was sold to a local buyer for close to the $5m asking price.
Selling agent Pat Burke, of MP Burke Commercial, said the sale terms were confidential.
But the nightclub will continue trading – for the next three years at least – with the venue holding a new lease, paying $225,000 net a year, with a further option available.
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The lease includes a demolition clause that could be activated from mid-2025, allowing new owners to give Lyons’ Home House management 12-months notice to vacate.
The two-storey building has a mix of open plan hospitality accommodation, a dance floor with a DJ booth, various bar and lounge areas, a commercial kitchen and a large balcony area looking north along Moorabool St to Corio Bay.
The campaign generated more than 85 inquiries and multiple offers, Mr Burke said.
McGrath, Geelong director David Cortous represented the local buyer.
The venue is 350m from the Geelong waterfront.
“I think their intentions are to sit and hold it and see what happens,” Mr Burke said.
“If it does become available, they may look at investing some money in the building and resetting it.
“That’s one option – they are certainly looking at alternative development options in light of the fact that a lot of the new buildings in Geelong are going really well.
“There are concepts they are thinking about incorporate a boutique residential project, or to maintain the hospitality venue and enhance it.”
The catalyst for the result was the central location, strong rental income from an established hospitality operator and potential for future development, he said.
While a lot of money was being invested in infrastructure around Geelong, such as the train network, the city enjoyed the benefits of a more diverse economy, Mr Burke said.
The nightclub will continue to trade as normal.
“Obviously we’ve been through major upheaval in the last two and a half to three years through Covid and now interest rate rises and activity on that front.
“Everyone is reflecting what is going on, but looking ahead money in relative terms is still affordable.
“We haven’t got those big swings that used when someone like an Alcoa pulled the pin and we just went flat.
“Now, the foundations are starting to be built on a wide range of industries in Geelong and you are activity seeing in industrial, in commercial and in residential.
In the neighbourhood around 40-42 Moorabool St, Geelong, is headquarters to the TAC, GMHBA, NDIS and WorkSafe.
“There is still some challenges with construction costs and supply lines being impacted by Covid, but if they’ve balanced out over the next 18 months you will see that confidence will rebound pretty well.”
The 570sq m property has operated as a nightclub for various owners since the 1980s, but Lyons launched Home House to great fanfare in 2002.
In 2018, Lyons sold the former Eureka Hotel to Geelong developer Bill Votsaris for $3.85m.
