Buy this city corner and one of Hobart’s largest pubs
No.1/124 Davey St, Hobart, home of Australia’s First Nepalese Pub The Chowk, is on the market. Picture: Supplied
ONE of Hobart’s largest pubs has come to market, providing an uncommon opportunity to own a big city fringe corner property.
Commonly known as Hotel SoHo until more recently being transformed into Australia’s first Nepalese pub, No.1/124 Davey St has a long history as a thriving part of the local hospitality scene.
The Chowk has space to cater for 280 diners across two levels; few CBD pubs can compete with its capacity.
Knight Frank commercial property representatives Claude Alcorso and Tom Balcombe said the level of inquiries the pub has attracted since launch had been strong.
“There has been interstate and local interest,” Mr Alcorso said.
“They recognise the value of the building and the infrastructure that is in place, and the price guide that we are quoting, $2.3m-plus.
“Arguably, you may not be able to buy the land for the price, if a block of this size and location ever did become available.”
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No.1/124 Davey St, Hobart.
No.1/124 Davey St, Hobart.
Mr Balcombe said many operators in the area that had been to the pub when it was the Aberfeldy Tavern, or Hotel SoHo, would love to have the opportunity to run their own business from this property.
Mr Alcorso said this freehold asset offered 990sq m of lettable area on a 1100sq m block.
“It is priced well below replacement cost,” he said.
“An investor could also purchase No.10 Molle St next door, a large historic home, which could be used for visitor accommodation, hotel rooms, which helps future-proof the asset as well.
“They are available in one line or individually.
“Last month, the BWS bottle shop, on the opposite side of The Chowk, sold at auction for $6.501m, about a 6 per cent yield.”
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No.10 Molle St, Hobart.
No.10 Molle St, Hobart.
Mr Balcombe said the pub tenants have a long lease in place until October 2026 and with multiple five-year options thereafter.
“It is a great opportunity to secure one of the main corners in Hobart,” he said.
The pub is equipped with a near new kitchen, a cool and dry room, two large bars, 16 beer fonts and a separate manager’s flat.
The Davey St location is the main outbound traffic route for vehicles travelling to Hobart’s southern suburbs, Kingborough or the Huon.
Traffic surveys show over 31,000 passing cars in a 24-hour period.
The Chowk Nepalese pub. Picture: Linda Higginson
Lal mahon dessert at The Chowk. Picture: Linda Higginson
The pub was originally built in 1870 and its ground floor renovated in the late 1990s. The kitchen was upgraded in 2017.
There is shared parking with BWS for 25 vehicles.
No.10 Molle St is known as Alyth and is described as a “true Hobart treasure”.
Built in the 1880s, this architectural gem offers six bedrooms, three bathrooms, three living rooms and superb period details. It will be sold by expression of interest.
No.1/124 Davey St, Hobart will be sold via expression of interest, closing on September 28.
To inquire about the pub, call Mr Alcorso or Mr Balcombe. For Molle St inquiries contact Rorie M. Auld.
