20 Sep 2023
One of the venues that was a pioneer to Geelong’s West End hospitality and entertainment strip has been listed for sale.
The freehold to the home of Beavs Bar at 77-79 Little Malop St will be offered at auction on October 6.
The popular bar is not part of the sale and continues to operate under an existing lease.
Darcy Jarman Newtown agent Tim Darcy said the 1877 landmark was expected to eclipse other properties that had sold in the vicinity in Geelong’s CBD in recent months, due to the fact it held a liquor licence.
“That’s had a very long and sustained successful period as operating as Beavs Bar,” Mr Darcy said. “It was originally a building back in the 1870s that housed Duckers auction rooms, where they conducted auctions of various items, so it’s got some historical attributes to it as well.”
Mr Darcy said the existing lease provided an annual in-come of more than $184,000.
The lease runs through to October 2024, with a further three-year option.
“It does provide a very unique opportunity for someone to buy with a view to retain for the recurring income and just deal with it as an investment-grade article,” Mr Darcy said.
“Or potentially provide an opportunity for someone in the hospitality sector to buy it with a view to look at doing some-thing themselves post-2027.“It’s pretty much pole position in that culinary and hospitality precinct.
It’s got great line of vision directly down James St from Ryrie St. It’s a fairly pivotal locale within that whole precinct.
“Outside of the Eureka (hotel), this has probably been the pivotal hospitality venue. That was one of the pioneer venues in regards to when the transition started occurring.”
Mr Darcy said the property had the potential to be repositioned. “I think its highest and best use is as it currently operates and given the transition that whole area is made for hospitality,” he said.
“You can visualise a number of the better grade hospitality venues in Melbourne, this is probably reflective of that significance and you can’t under-value the fact that it comes with a liquor licence too.
“That itself creates a fairly significant value because you can go on there and trade as the current tenant is under the provisions of that licence.”
The property comes to the market after new owners resurrected the Eureka Hotel name and relaunched the venue as a pub and live music venue at the end of the West End precinct.