Historic Queenscliff pub sells in circa $6m deal ahead of relaunch
Private buyers are set to reap the rewards of new refurbishment at the former Queenscliff Brewhouse.
One of Queenscliff’s historic hotels has changed hands for the second time in six months as the iconic corner venue prepares for a spring relaunch.
A new 10-year lease to major hospitality player Australian Venue Co (AVC) attracted private Victorian buyers to the Queenscliff Brewhouse.
The company – which operates more than 200 venues across the nation – has renamed the pub the Bellarine Hotel as it embarks on a tenant-funded refurbishment.
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Burgess Rawson agent Matthew Wright said the Victorian family paid in the mid-$6m range for the freehold to the circa 1879 hotel at 2 Gellibrand St, Queenscliff.
With another pub already in its investment portfolio, he said the buyers recognised the potential of the historic Bellarine Peninsula venue.
“The critical thing is that the new tenant is the Australian Venue Co so they are an extremely strong brand – they have over 250 or 260 other venues around Australia – that is really what attracted the buyers to the property first and foremost,” Mr Wright said.
“They do have a relationship with them already and … they travel a fair bit and come in and from Queenscliff so they knew the pub.
“I think the second thing is there isn’t another pub that is open and fully trading as a licensed venue in Queenscliff so that is the other opportunity.”
The hotel occupies a prime corner site opposite the popular Princes Park.
The distillery will be retained under the new vision for the pub.
A revitalised bistro serving pub classics and fresh regional produce, a sports bar and beer garden will greet patrons when the hotel reopens for business in September.
Mr Wright said reinstating accommodation was also part of the long term vision.
AVC has a new 10-year lease on the 1402sq m property, with four further 10-year options through to 2075.
The lease generates a net income of $358,685 per annum, plus GST.
“What they do is they tailor all their individual hotels and pubs to suit the local community so they are actually going to keep the distillery there as well so as not to lose all that historic touch to the venue,” he said.
An artist’s impression of the new beer garden.
An artist’s impression of the new-look front bar.
“I think an operator like that coming into Queenscliff is going to give that long-term operator confidence for the rest of Queenscliff. They’re not going to open it and then shut it.”
He said multiple interested parties emerged for the hotel freehold during the expressions of interest campaign for the hotel freehold, including some who rued missing out when it last sold.
Records show it last traded for $4.4m on Christmas Eve last year.
