Home to popular bar in Geelong’s West End sells at auction
Auctioneer Raoul Salter calls for bids at the freehold at 77-79 Little Malop St, Geelong, home to Beavs Bar.
A Melbourne-based investor has snapped up the freehold property that’s home to Beav’s Bar in Geelong’s Little Malop St
The buyer was the only person to raise a hand at Friday’s lunch time auction for the prime central Geelong property.
A bumper crowd which drew plenty of people, including real estate agents and property valuers, out of nearby offices, witnessed the property at 77-79 Lt Malop St passed in for $3.55m, after auctioneer Raoul Salter open the auction with a $3.5m vendor bid.
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Darcy Jarman selling agent Andrew Prowse said the property sold after negotiations for $4m.
The popular bar is not part of the sale and continues to operate under an existing lease.
The freehold property at 77-79 Little Malop St, Geelong, has sold after auction.
“He wasn’t 100 per cent sure what the vision will be for it longer term but certainly in the short to medium term it will provide a recurring income stream for him and about four and a half per cent yield was a good results for the vendors in the end,” Mr Prowse said.
“From his perspective he’d seen the growth in that pocket in particular.
“He mentioned that he hadn’t been looking to acquire a site somewhere in there for some time but given how rarely they come up it’s been a testing process for him.”
The eventual buyer of 77-79 Lt Malop St, Geelong, offered $3.55m before the property was passed in.
Mr Prowse said the property had seen good inquiry during the campaign and thought a few more would be willing to participate in the auction.
“I think it’s more about a sign of the times than anything. Investment grade articles are challenging at moment in that sense.”
The hospitality venue, its liquor licence, the location really drove this result, he said.
The property is home to long-term tenant Beavs Bar, which continues to operate.
The property was built in the 1870s and operated originally as Duckers auction rooms.
The existing lease provides an annual income of more than $184,000, with annual CPI increases.
The lease runs through to October 2024, with a further three-year option.
The property came to the market after new owners resurrected the Eureka Hotel name and relaunched the venue as a pub and live music venue at the end of the West End precinct.
The freehold property at 77-79 Little Malop St, Geelong, sold after auction.
Geelong property developer Bill Votsaris, who’s Batman Management Group owns much property on the Lt Malop St West End strip, previously acquired a nearby building at 16-18 Malop St and revealed plans to expand the popular foodie strip.
Mr Votsaris seized on the access though Dennys Lane to propose what he described as a food hall in the ground floor of the Malop St building which has a circa 600sq m floorspace.
