Melbourne, 05 November 2014 – A local developer has gained a foothold in the highly sought after Melbourne University precinct, after acquiring the Corkman Irish Pub at a hotly contested auction for $4.76 million - $1.56 million above reserve.
Located at 154-160 Leicester Street in the inner city fringe suburb of Carlton, the historic two storey pub, formerly the Carlton Inn, is located on a prime 456sqm corner site surrounded by several Melbourne University campuses and a short distance from the vibrant Lygon Street.
CBRE Hotels’ Joseph Du Rieu and Scott Callow, in conjunction with CBRE City Sales agents Mark Wizel, steered the property’s sale on behalf of the private vendor, who had owned the property since 1988.
Mr Du Rieu said the property’s development potential and prime position were key factors underpinning the sale.
“This property represented an outstanding opportunity to acquire a prime development site in one of Melbourne’s most desirable suburbs. With views over University Square to the west and three triple street frontages, there is excellent potential for future development,” Mr Du Rieu said.
Mr Wizel commented on the property’s sale: “The auction of the Corkman Irish Pub attracted strong interest in the marketplace, with a 200-plus strong crowd attending the auction and five bidders vying to acquire the asset.”
The Corkman Irish Pub is a traditional food and beverage venue with public bar, bistro dining, courtyard and first floor hostel accommodation.
Carlton is one of Melbourne’s premier city fringe suburbs, epitomising the Melbourne café culture with an extensive variety of cafes, pubs, restaurants and bars. Carlton’s residential population is projected to increase more than 6% from 2011 to 2018.
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