From seaman to spritzers: Historic Port Melbourne venue offers investors rare catch
The Historic Port Melbourne seaman’s retreat is now a thriving beachfront restaurant, and its up for grabs for cashed-up investors.
The home of popular Port Melbourne venue the Bayroute Bar & Grill is expected to be hot property after hitting the market for the first time since the pandemic.
Heritage-listed, the property at 100/49 Beach St has a long and colourful history, with the building it is in originally built as the Port Melbourne Seamen’s Institute in 1888.
Initially a haven for sailors arriving in Melbourne, over the years it has evolved with the city and today hosts a popular dining destination opposite Port Melbourne Beach.
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With a secure lease in place, the restaurant venue its now for sale with suggestions it could be worth as much as $2.8m-$3m.
The last time it hit the market, realestate.com.au sales records show it sold for $1.785m in July, 2020.
Raine & Horne Land Victoria’s Sunny Hurne said while it was difficult to price the property, interest was expected to be fierce given its location and a tenant already paying $90,000 a year with a lease in place for three years and options to extend in five-year increments.
Once a safe harbour for seamen, now a premium hospitality hotspot.
“This is an iconic Port Melbourne site with an unbeatable location,” Mr Hurne said.
“From its history as a haven for sailors to its transformation into a vibrant hospitality destination, this property has always been a place where people come together.”
The current lease is subject to 4 per cent annual increases.
“For investors, it ticks all the boxes — high visibility, a premium tenant, a strong lease, and guaranteed rental growth and it’s the kind of investment that holds its value over time.”
Raine & Horne Land Victoria’s Nitin Kumar said heritage assets like the former Seamen’s Institute that came with prime locations and secure leases were in demand.
Prime Port Melbourne waterfront venue with rich history hits the market.
“This property is already generating income, it’s in one of the most desirable locations in Melbourne, and it has a tenant in place for years to come,” Mr Kumar said.
“It’s an investment that offers both prestige and strong returns.”
Expressions of interest for the Port Melbourne property close on April 4.
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