Historic Ballarat nightclub building on the market
A historic building housing one of Victoria’s busiest regional nightspots is up for grabs for an estimated $4.5 million.
The owners of The Bluestone in Ballarat have put the refurbished building on the market.
However, it is not the end of the popular nightclub at 101-103 Mair St, with the current business to continue operating under a long-term lease. They are offering market rental return and will pay all outgoings excluding land tax.
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CBRE agent Will Connolly says it is a tempting deal, which is garnering strong interest from potential buyers.
“We are selling on behalf of the long-term operator. They have owned it for about 10 years but what they would like to do is divest the actual property to put capital back into the business,” Connolly says.
“They are offering a long-term lease with options that could be up to 25 to 30 years.”
“We have had a good mix of local investors and also at the same time we have had interest from buyers in Melbourne, who have been priced out of the market with the tightening yields and are now looking to regional markets.”
The 19th century warehouse spans 728sqm spread over three levels and has undergone a recent state-of-the-art renovation.
The lounge upstairs has an exclusive beer garden and stage, which can be hired out for private functions of up to 400 people.
The ground level is equipped with VIP booths, while the basement underground has a stunning polished concrete dance floor.
The property comes with a valuable late night liquor licence and regularly hosts top-class DJs and touring bands.
Connolly says it presents an excellent opportunity to secure a high yielding, passive investment in the heart of one of Victoria’s strongest regional cities.
Expressions of interest close October 31.