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Boom in big sales of hospitality as investors ready for freedom from Melbourne lockdown

Boom in big sales of hospitality as investors ready for freedom from Melbourne lockdown

Brook, Point Cook, leased by Melbourne Racing Club, is for sale.

Huge hospitality deals are taking place across the city as investors encounter a boom as Melbourne emerges from lockdown.

JLL Hotel’s Vice President Will Connolly has just sold Reservoir’s Edwardes Lake Hotel for $ 28m and listed Point Cook’s The Brook with an early interest of around $ 24m- $ 25m.

“The transaction activity over the last month or so in the retail and hospitality area is the largest we’ve seen in probably two decades,” he said.

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Edwardes Lake Hotel, Reservoir.

The Brook, Point Cook.

“When we opened after the lockdown in 2020, we saw a huge increase in trade from hospitality and retail outlets, where everyone was obviously so excited to get back to public life again.

“Investors are seeing and identifying it from last year and predicting it will happen when we reopen.”

Edwardes Lake Hotel was formerly known as Zagame’s Reservoir and was sold by the famous hospitality family in Melbourne with a 60 year lease.

A scattered place in the Reservoir.

A picturesque dining area.

Inside the hotel.

Zagame Corporation sold the lease to IPR earlier this year before the ownership, this time to Hotel Property Investments, which trumped the competition with an unconditional bid and a very short settlement period.

The venue operates 100 slot machines with an initial net income of $ 1.4 million. And underlying land bank value on site of 48,900 sqm.

Meanwhile, Point Cook’s The Brook is being offered a long-term lease to Melbourne Racing Club, which expires in 2029 with the option of three more 10-year options.

A little punch in Point Cook.

Several function rooms.

Choose your place.

The 10,785-square-foot site has a current annual net income of $ 1,338,541.

The hospitality and venue includes a large family bistro with children’s playground, sports bar with TAB facilities, gaming lounge with 80 machines, several function spaces and extensive on-site parking.

Expressions of interest in The Brook property close October 13 at 17.00.

Melbourne Racing Club has run the place for about three years.

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