By Clyde Mooney
One of Melbourne’s oldest pubs is up for sale in an investment opportunity in the heart of the city's financial and legal precinct.
The heritage-listed Mitre Tavern, operated on a long-term lease by Michael Palmer, dates back to 1837 and has been serving beers to the local lawyers and bankers since the late 19th Century.
It was announced this week that owner Ian Hicks, who also owns Richmond’s Vine Hotel, seeks to diversify and is offering the property at auction on August 11 through Kristian Peatling of commercial agents, Alexander Robertson.
A sale in the region of $6.5 million is expected for the building, purchased by Hicks in 2008 for $6.3 million.
The agents describe the well-maintained property as a ‘set and forget’ investment, boasting a long-term lease with a structured review mechanism "which will provide significant growth on income and minimal capital spend over time".
As well as a thriving public bar and fashionable steak restaurant upstairs, the property comes complete with rumours of a ghost, said to be the troubled spirit of former hotel resident Connie Waugh, who hanged herself when her affair with Sir Rupert Clarke ended.
Speaking to TheShout, Peatling said that the hotel is being actively marketed through The Age, Australian Financial Review and online at Real Commercial.
TheShout and Australian Hotelier are proud to announce that beginning Monday, July 16, TheShout website will feature a dedicated pub real estate page that will aim to be a central point of interest for movement in this sector.