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George, and colleagues Jason Orenbuch and Scott Callow, are handling the campaign. The refurbishment is expected to be finished by Easter 2024.
Buyers are circling another popular venue, the Coppersmith in Clarendon Street, where both the leasehold and freehold are up for grabs, although George said he has been approached by a number of publicans interested in running the business rather than purchasing the freehold.
The redeveloped pub has five levels with the upper floors converted to boutique accommodation across 15 rooms. It also boasts a rooftop bar and fine dining on the ground level and is expected to fetch between $7.5-$8 million as a going concern.
The leasehold of the Rising Sun Hotel, which recently hosted Sydney fans watching the Grand Final, has sold.Credit:Chris Hopkins
JLL’s Will Connolly is overseeing the sale of another South Melbourne landmark, Lamaro’s Hotel further along Cecil Street from the Market Tavern.
The pub is named after long-term owner of 20 years Pam Lamaro. “Our journey at the hotel has certainly been a rewarding one, with Lamaro’s now being a quintessential part of Melbourne’s revered pub culture,” Lamaro said about selling.
The venue is leased on a 10-year initial term to former Western Bulldogs player Paul Dimattina and has a further 10-year option and rental growth with 4 per cent annual increases built in.
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It comes with three apartments on the first and top floors. “Early interest in the hotel component of the asset indicates an aggressive yield below 5 per cent,” Connolly said.
The last significant pub sale in South Melbourne was The Emerald which changed hands for around $6 million in 2020.
On the other side of town, another popular venue, the Quiet Man Irish Hotel in Kensington, is back on the market after four years.
The Quiet Man sold in 2018 to a Vietnamese development consortium for $6.025 million and is now looking for a buyer with expectations around $8 million.
The popular Irish pub at 265-271 Racecourse Road was set to be demolished and replaced by 41 apartments over six levels, but the project never got off the ground and the permit has now lapsed.
The current lease has about two years to run, said Knight Frank’s Stephen Kelly.
“It’s under-let at the moment. A new owner could crank up the income and, ultimately, they will be sitting on a corner development site,” Kelly said.