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Positive Signs as Melbourne’s first freehold pub sells under COVID-19 restrictions
Posted by Development Ready on Sep 02, 2020

The freehold opportunity of a long-standing South Melbourne pub, has sold for the first time in over 25 years.

The Wayside Inn, located at 446 City Road in South Melbourne, marks a first for Melbourne and continues a recent run of national hotel sales. JLL Hotels & Hospitality Group were exclusively appointed to market the property, following successful campaigns at Forresters in Surrey Hills NSW, the Elephant Hotel in Brisbane QLD along with a soon to be announced sale of a prominent Leasehold Gaming hotel in Bayside Melbourne.

JLL agent Will Connolly lead the South Melbourne campaign stating that, “we cannot underestimate the positivity a result such as this will provide our market. The Melbourne hospitality industry has been and continues to be the heaviest hit since COVID-19 restrictions were implemented.”

“We believe the sale of the Wayside Inn will provide confidence to hotel owners throughout Metropolitan Melbourne, whether they be owners of Leasehold or Freehold interest, that they own an asset that is viable and seen by the market as type of property that will recover”.

Occupying a prominent 587sqm corner site on the busy intersection of City Road and Ferrars Street, the property presented in excellent condition with features including a large public bar area, dining room with adjacent courtyard and beer garden, an upstairs function room with a dedicated bar and outdoor rooftop area.

The property included the added benefit of a rare 5:00am liquor licence, to which the successful purchasers plans to capitalize on.

A Dexus-managed wholesale fund has divested a 22-storey A-grade CBD tower in Melbourne, in a deal speculated to be more than $450 million; A a seven-year-old cold storage asset in South Australia’s Direk has traded for just over $63 million - 18.96% above book value.; A five-storey office building in Wollongong's CBD that is home to the Australian Taxation Office has traded hands, from Black Opal Bay to property fund manager Castlerock, for more than $57 million; plus more
September 11, 2020, SYDNEY – A parcel of land within the highly prized Western Sydney Aerotropolis has sold for $5.37 million through Colliers International
​As the report indicates, supply of new projects is quickly slowing across most of Sydney’s regions, with DAs showing the same trend as was evident pre-Covid. As a result, there’s general agreement that there will be a dramatic fall in in 2021-2022 and an even stronger under-supply trend beyond 2022, when supply is expected to collapse.