Burnett family lists Geelong pub freehold after 45 years
The Burnett family is selling the freehold interest in Newtown's St Lords Hotel, which is being offered with a long-term lease in place that spans up to 70 years, once options are included.
The West Fyans St pub was known for decades as the Lord of the Isles Tavern when legendary hospitality figure Peter Burnett ran the business.
The property, which includes the pub at 5-9 West Fyans St, and a car park opposite, could fetch around $15m.
The venue was for many years the traditional starting point for Geelong Cats' Mad Monday or Wacky Wednesday end-of-season celebrations where players' zeal for the costume theme was next level.
Black Rhino Group, one of the nation's largest privately held hotel operators, holds the 20-year lease on the pub, expiring in 2039, followed by two further 20-year options, plus an additional 10-year option.
The pub delivers a net passing income to the freehold owners of $802,000 a year, with fixed annual 3 per cent increases.
JLL Hotels senior vice president Will Connolly said he expects strong interest from local and national investors, given the lease terms and income.
'The fact that it's the first time on market for 45 years, the lease terms are parallel with more institutional-grade tenants with 70 years total length,' Mr Connolly said.
He said 'St Lords Hotel possesses many of the most sought-after attributes that have attracted numerous private and institutional investors to this asset class in recent years, along with its highly credentialed and nationally recognised covenant, long-term tenure, income annuity and prominent locality in Victoria's most rapidly expanding region'.
The property offers investors an extensively refurbished asset – undertaken by Black Rhino Group – leaving minimal future capital expenditure requirements which Mr Connolly said is 'setting the stage for a hotly contested sale campaign.'
The expressions of interest campaign was designed to test the market, Mr Connolly said.
'We'd be expecting interest on a yield point of view of around 5.5 per cent,' he said.
'We're already fielding interest from interstate investors all the way to local investors, who I have no doubt given the reputation of the hotel for many, many years would have an affinity with it.'
St Lords is walking distance to Geelong Cats home base at GMHBA Stadium and the river end Pakington St shopping village and is close to the city's CBD.
Extensive facilities include a large family bistro, multiple function rooms, a sports bar and going lounge with 60 pokies machines, along with extensive carparking on site and via an additional property at 2-6 West Fyans St, which is also part of the sale.
The expressions of interest campaign closes on July 24.
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