Fitzroy’s Builders Arms Hotel tipped to net $6m
Historic Fitzroy watering hole The Builders Arms Hotel is on the market with a price tag of around $6 million.
The Gertrude St pub, which has operated since 1853, has been put up for sale after a recent renovation that saw restaurateur and tenant Andrew McConnell replace eatery Moon Under Water with the new Ricky & Pinky.
McDonnell is the operator behind a string of popular eateries including Cutler and Co, Cumulus Inc, Marion and Meatsmith.
Selling agent Jack Teneketzis, of TCI Property Consultants, says the lease to McDonnell, as well as the property’s underlying land value, weighed heavily in the pub’s favour.
“There are no better Melbourne restaurateurs than Andrew McConnell,” Teneketzis says.
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“The building has just been extensively renovated to the highest standard. This is the trophy property, in the trophy location, with the trophy tenant.”
Teneketzis says price expectations are around $6 million, with the property to be sold by negotiation.
He also suggests there is scope for rent increases, with the current agreement signed long before Fitzroy became one of Melbourne’s ‘it’ suburbs and a haven for foodies.