By Andy Young
Melbourne's third oldest pub the Imperial Hotel has been sold to a private local family for $11.45 million.
The pub, which is located on the corner of Bourke and Spring streets opposite Parliament House, was sold by property investor Mark Robertson and his father-in-law Alexander Robertson.
CBRE’s Josh Rutman, Mark Wizel and Scott Callow were appointed as selling agents on the property, which beat pre-auction predictions of $10m. Steve Cropley of Cropley Commercial told the Australian Financial Review that the pub's long lease and location made it an attractive option for buyers.
"Traditional pub pricing metrics have really gone out the window, given the low cost of debt and heated competition to secure strategic corner assets that present terrific potential to generate strong income now and in the future," Copley told the AFR.
The two-storey building on a 450-square metre site saw close to 250 attend the auction.
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