Perth hospitality company Entertainment Enterprises has sold The Library Nightclub in Northbridge for $4.6 million – marking the end of the group’s 34-year connection with the iconic venue.
A private investor purchased the property, which comprises a two storey, freestanding venue positioned on a 505sqm site, on a Walk In Walk Out basis.
The 69 Lake Street 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.
CBRE Hotels’ Chloe Mason said the sale of such an iconic venue attracted strong buyer interest.
“The opportunity to secure the freehold, business and Nightclub Licence within the tightly held Northbridge precinct attracted widespread interest from nightclub owners, hospitality investors and developers,” Ms Mason said.
“The new owner of The Library 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.”
Entertainment Enterprises acquired the property in October 1983 as Hannibal’s Nightclub and celebrated the acquisition by starring Elle McPherson at the launch. The opening was a significant milestone for Perth’s nightlife scene, with about 2,000 people queued to enter the venue.
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.
The sale of the Lake Street venue follows Entertainment Enterprises’ 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.
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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.
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.
