AVC adds Apollo Bay Hotel leasehold to portfolio
Australian Venue Co is acquiring the leasehold of the historic Apollo Bay Hotel, on the Great Ocean Road.
The freehold going concern was offered by the operators of over three decades, Stephen and Christine McMahon, with the property selling earlier this month to a Melbourne publican for c$11.5 million.
AVC is expected to settle on the operation component next quarter, with no immediate changes planned.
“We have a strong track record operating pubs in regional areas and in popular holiday destinations and look forward to joining the community in Apollo Bay,” the pub group’s chief executive officer, Paul Waterson, said.
The deal comes six weeks since the group, in partnership with EG, paid $30.33m for the freehold going concern of the Anglers Tavern, in Melbourne’s north west Maribyrnong.
Apollo Bay Hotel at 95 Great Ocean Road
Developed in 1885, the Apollo Bay Hotel occupies a 2368 sqm Commercial 1 zoned site on the north west corner of Moore St (story continues below).
Configured with indoor and outdoor drinking and dining areas, it also offers accommodation and a function room.
JLL marketing agent Will Connolly said five offers were received following an expressions of interest campaign launched in February.
“The venue offered an incredibly strong base of revenue with multiple trading zones such as a stunning front deck overlooking the beach, a large family friendly bistro, public bar, multiple function spaces along with a newly added rear beer garden – proving extremely popular to locals and tourists alike over the recent Christmas holiday period,” the broker added.
“The property also presented the right fundamentals…providing potential for future expansion, by increasing the current accommodation to cater to the extreme demand for year-round tourism,” according to the executive.
AVC operates over 180 venues.
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