HPI grows Melbourne pub portfolio
Hotel Property Investments has swooped on another Melbourne pub, this time in Sunbury.
The Ball Court Hotel at 60 Macedon Street, on the corner of Jackson, is costing $7.6 million – a price reflecting a 5.4 per cent yield.
The property contains an adjoining residence – which will make way for a venue extension.
It also includes four retail tenancies.
Upon settlement this month, HPI said it intends to tip in $300,000 on a refurbishment.
Australian Venue Co – with which the landlord has a relationship – will then occupy it on an initial 15 year lease.
HPI portfolio growing
The Ball Court Hotel deal comes a month since HPI paid the Zagame family $28m for Reservoir’s Edwardes Lake Hotel (story continues below).
The ASX listed buyer also holds the Summerhill Hotel in that suburb – which it picked up as part of a $63.3m portfolio last year.
Both these venues are tenanted to IPR Hotels.
Earlier this year the group acquired six Queensland hospitality assets for a total of $32.66m.
It also recently snapped up Airlie Beach’s Jubilee Tavern (after a $9.3m outlay) and Brisbane’s Mango Hill Tavern ($31.3m).
Those eight properties are leased to AVC arm Queensland Venue Co.
Subscribe to our newsletter at the bottom of this page.
