Perth hospitality company Entertainment Enterprises has moved to sell The Library Nightclub in Northbridge – marking the end of the group’s 34-year connection with the iconic venue.
CBRE Hotels has been appointed to sell the 69 Lake Street property, which comprises a two storey, freestanding venue positioned on a 505sqm site.
The property includes a ground floor and mezzanine area of approximately 740sqm, inclusive of segregated private function rooms. The second level features bars and lounge areas with the mezzanine available for private functions.
The freestanding premises has been rebranded several times over the past three decades, including its most recent refresh as The Library, which includes an eclectic themed fitout with more than 11,000 books, illuminated dance floor and mood lighting.
CBRE’s David Kennedy said the sale of such an iconic venue was expected to attract significant buyer interest.
“The opportunity to acquire a freehold nightclub in Perth’s premier entertainment precinct of Northbridge come up very rarely – especially the pedigree of this one”, Mr Kennedy said.
“Interest in the property to date has been overwhelming, with it appealing to a number of owner operators locally and overseas, given we are offering the freehold, fitout and business together.”
Entertainment Enterprises acquired the property in 1983, launching it as the highly successful Hannibals nightclub, of which Elle McPherson attended the launch. The opening was a significant milestone for Perth’s nightlife scene, with about 2,000 people queued to enter the venue.
CBRE’s Chloe Mason said the property represented a unique opportunity to secure a presence in a key inner-city location.
“The venue has a strong future that will only further benefit from its central position in Northbridge, which is undergoing significant urban revitalisation through the State Government’s Perth City Link project,” Ms Mason said.
“Given its long-standing history as a hospitality venue, we expect there to be strong interest from existing and new operators, as well as investors and developers looking to capitalise on the underlying land value”.
The sale of the Lake Street venue follows the group’s decision to focus on its portfolio of bar and restaurant venues, which includes newly opened gold plate award winning restaurant, Rambla on Swan, Tiger Lil’s, The Empire Bar and soon to be redeveloped Varga Lounge.
The venue, formerly a church before converting to Hannibals Nightclub, has been a key pillar of Perth’s night life over the years, with its time as Hannibals still celebrated each year with a reunion for those that frequented the nightclub in the 1980s.
The property is being offered for sale with Offers to Purchase closing Friday 12 May 2017 at 2.00 pm AWST unless sold prior to that date.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
