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News release

Melbourne

Exceptional investment opportunity of Grand proportions

Strong interest is expected for this classic Richmond hotel property


JLL's Hotels & Hospitality Group has been exclusively retained by the freehold owners to offer for sale the property of the highly acclaimed hotel, The Grand, located at 333 Burnley Street, Richmond.

A secure investment opportunity such as this comes along once a decade at best! The comprehensively renovated property is securely leased by a successful business that has been operating for more than 10 years from the site. The bars, award-winning dining room, courtyard and upstairs function rooms offer the tenant the complete trading platform and investment security.

The property is situated on a prime corner site of 645.8sqm (significantly larger than most typical inner suburban pub properties) and convenient to the Monash Freeway in both directions, Swan Street and Bridge Road. Richmond has become the 'in' inner eastern suburb for affluent young people seeking housing. Sophisticated apartment developments are being built in Richmond and attracting a more mature buyer profile such as Studio Nine (the old Channel 9 site) immediately behind The Grand. There are several other significant developments under construction and in planning all within walking distance.

Mathew George, Vice President – Investment Sales, Hotels & Hospitality Group suggested that "A classically renovated hotel freehold such as The Grand on a new long term lease will be keenly contested." Mr George added, "It's rare for a freehold in this location, with the strong tenant underpinning a trophy asset to come on the open market. The last one was about five years ago, the Mountain View, on Bridge Road."

"We are quoting a selling range of 6%-6.5% and recommend potential bidders act without delay as the opportunity to own a quality freehold investment in a coveted inner east precinct may be short-lived." concluded Mr George.

Expressions of Interest for the sale of The Grand close on Wednesday 21 May 2014 (if not sold prior).

For further information or a confidential discussion, please contact Mathew George (03 9672 6674 or 0400 663 840/ mathew.george@ap.jll.com) or Stuart Taylor (03 9672 6589 or 0428 000 000/ stuart.taylor@ap.jll.com).