Historic Queenscliff pub listed for sale with $6m+ price hopes
The historic hotel at 2 Gellibrand St, Queenscliff, home to the Queenscliff Brewhouse, is for sale with price hopes above $6m.
Freehold investors have listed for sale a 145-year-old Queenscliff pub on the town’s waterfront with price hopes above $6m.
The freehold to the Queenscliff Brewhouse is offered by expressions of interest after the owners secured a new five-year lease with the tenants, Otway Brewing Group.
The pub, which was previously known as the Esplanade Hotel, is at 2 Gellibrand St, Queenscliff, metres from Princess Park, jetty and Searoad Ferry terminal.
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The property offers views across Port Phillip Bay from the newly constructed balcony.
Recent renovations to the building highlight the historic facades of original period chic with a
modern overlay while the interior boasts an array of areas, including multiple bars, dining areas, a TAB, bottle shop and beer garden.
Colliers Geelong director Andrew Lewis said the substantial two-storey building is securely leased to Otway Brewing Group, which is running multiple successful venues across the Bellarine Peninsula and Surf Coast, offering its patrons several brands produced in its brewery and distillery.
The historic hotel at 2 Gellibrand St, Queenscliff, home to the Queenscliff Brewhouse, is for sale with price hopes above $6m.
“The current tenant has committed to another five-year lease, proving a secure income stream of $380,000 annually until December 2027 with two further options of 5 years each.”
“The property sits on a significant freehold landholding of 1402sq m mixed-use zoned land,
providing endless upside of future development to enhance the asset further using the access land (STCA) with potential for future accommodation rooms,” Mr Lewis said.
The property is licensed for 600 patrons and has a 1am liquor licence.
The historic hotel at 2 Gellibrand St, Queenscliff, home to the Queenscliff Brewhouse, is for sale with price hopes above $6m.
Colliers agent Ned Tansey said Melbourne and Sydney investors had already made inquiries on the property in the early days on the campaign.
“Obviously, it’s returning $380,000 a year, so it’s a good return,” Mr Tansey said.
”There’s long-term development potential on top of the income there, obviously subject to getting the council approval, that we think can really improve the asset.
“They haven’t put too much time into the accommodation on the first floor, so there certainly some gains to be made there.
The historic hotel at 2 Gellibrand St, Queenscliff, home to the Queenscliff Brewhouse, is for sale with price hopes above $6m.
“It’s also a pretty large land holding, so certainly there excess land that we believe you can develop long-term potentially into apartments.”
The hotel is a landmark in the Bellarine Peninsula town known for its stunning harbour, picturesque beaches, heritage architecture and daily ferry service to Sorrento, located 35 minutes from Geelong.
PropTrack data shows Queenscliff’s median house price has increased 13 per cent in the past 12 months to $1.7m.
“The lifestyle offered by this coastal town keeps attracting locals who permanently live in the area as well as holiday goers, looking to escape the city, being a desirable destination offering quality retailers and food and beverage,” said Mr Tansey.
“Queenscliff has been a desirable destination for people relocating from Melbourne.”
Expressions of interest close on July 20.
The historic hotel at 2 Gellibrand St, Queenscliff, home to the Queenscliff Brewhouse, is for sale with price hopes above $6m.
The Queenscliff Brewhouse follows a string of coastal pub sales along the Surf Coast in recently years, including the freehold and business at Apollo Bay Hotel for more than $9m to Australian Venue Co and Wye Beach Hotel sold for $5.5m to New South Wales private investors.
The Gellibrand River Hotel, near Colac, recently has reopened with new leaseholders after the pub sold last year for $850,000.
In 2021, Justin Hemmes’ Merivale Group acquired the Lorne Hotel for $38m.
