The freehold going concern of popular Fitzroy pub The Napier Hotel has been sold for a reported $10m in an off-market transaction brokered by JLL Hotels & Hospitality.
Baxter Pickard, who is behind the Grapeful online bottle shop and the Wally’s Albert Park wine bar, has added The Napier to his list of venues. The sale brings to an end the 29-year tenure of previous owner and publican Guy Lawson.
Pickard said: “The Napier represents everything special about Melbourne’s pub culture, and I’m excited to ensure the continuation of the legacy Guy has created for close to 30 years.
“I’m committed to preserving the spirit that has made the Napier the icon it is, while ensuring it continues to thrive for generations to come.”
The Napier stands on the corner of Moor and Napier Streets and Will Connolly of JLL Hotels & Hospitality Group, who brokered the deal, described the sale as a process where “respect and legacy took centre stage.”
He added: “The sale of the Napier Hotel was carefully orchestrated in a nature befitting the hotel’s authentic spirit. A transaction such as this means much more than property and numbers – it becomes about preserving the future of a venue that matters deeply to the community, enabling its story to continue evolving in the right hands.”
The Napier transaction is the second major Melbourne pub sale brokered by JLL Hotels in the last few days, following the former CUB CEO Peter Filipovic’s $20m purchase of Bells Hotel in South Melbourne.
Connolly added: “With our team set to announce further Victorian pub transactions in the coming weeks, the sales of the Napier Hotel and Bells Hotel aren’t just isolated transactions – they signal a significant return of confidence to Melbourne’s pub market.”