Change of hands on the cards for history rich Subiaco Hotel
Change of hands on the cards for history-rich Subiaco Hotel
| 13 March 2019
Perth’s iconic Vic Hotel is being offered for sale in a move expected to ignite competitive interest from buyers and operators looking to capitalise on the future revitalisation of Subiaco.
First opening in 1898, the Vic Hotel is a well-established venue in the heart of Subiaco’s dining and retail precinct, comprising large bar areas, open kitchen, restaurant dining, alfresco and function space over two levels, in addition to 54 onsite car parking bays.
The venue, which is located on a site spanning approximately 2,000sqm, last underwent substantial renovations in the 1980s and has since been managed by operators including Black Toms and ALH Group.
Mr McGinnity said Subiaco was earmarked for a major transformation over the coming years, which would significantly benefit local businesses.
“The Vic Hotel is at the heart of one of Perth’s most significant urban renewal projects undertaken in recent years – Subi East, the rejuvenation of 35.6ha of land in the inner-city suburb,” Mr McGinnity said.
“The Vic Hotel, which has been part of the fabric of Subiaco for more than 120 years and well-known across Perth due to its close association with events at Subiaco Oval, is now ready for repositioning within a new Subiaco. With strong investment appetite for quality pub assets in Perth, the freehold owners and tenant have come together to capitalise on buyer demand.”
Ms Mason said the opportunity to acquire a well-established venue in Perth’s city fringe would underpin buyer interest.
“The freehold going concern of the Vic Hotel has not been offered to the market for many years – nor has a freehold going concern for any other inner-city venue,” Ms Mason said.
“With the current revitalisation plans for Subiaco, we expect a huge amount of interest in this asset, particularly given the investment commitment from the private sector at the Subiaco Pavilion Markets site and also from the State Government.”
The Vic Hotel is being offered for sale via Expressions of Interest closing April 17.
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