Pints on offer but few punters as Melbourne watering hole the Mitre Tavern passed in at $6.05 million
Legendary Melbourne CBD watering hole the English-style Mitre Tavern failed to sell at auction today despite a large crowd gathering outside on Bank Place in the damp and cold.
The mediaeval-looking tavern was passed in at $6.05 million with just three bids received, including one from the vendor for $6 million.
Bidding started at $4 million – or four pints, as the bidder called out initially.
The auction was conducted by David Combes, managing director of Alexander Robertson, which also had the listing.
It was listed with $6.5 million-plus hopes.
Most who attended appeared to be interested observers, intent on enjoying a pint after the swiftly concluded auction, plus a few industry players
Kristian Peatling who alongside colleague Warwick Bramich from Alexander Robertson marketed the tavern, told Property Observer he was confident of negotiating a sale post-auction.
The pub, which has claims to hold one of the oldest continuous pub licences, granted in 1868 when a two-storey private dwelling was converted to a drinking house, was listed for auction with $6.5 million-plus hopes.
The pub has current net annual income is $430,000 plus GST with a long-term lease with three renewal options of 10 years each.
Set on Bank Place between Collins and Little Collins streets, it last traded at $6.3 million in 2008 when bought by the Toorak investor Ian Hicks from the hotelier Robertson family. There was a $4.6 million transfer in 2006 and a $5.75 million transfer in 2004.
The two-storey pub has 480 square metres of retail space as well as one of the city's largest outdoor beer spaces.
The Mark at Sydney's Central Park
Now, all signs point south for this market. A year ago vacancies were near zero but today they’re approaching 5%. Price growth has stopped and, according to Australian Property Monitors’ price graph, has started to dip below the red line.
Brought to you by: Caydon
Atria Apartments in Hawthorn offers buyers an opportunity to invest in one of Melbourne’s finest suburbs.