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News release

Melbourne

Consistent top 10 gaming performer first time taken to market in almost 50 years

Rare offering to attract strong interest from local and national investors


JLL's Hotels & Hospitality Group is delighted to be offering for sale the freehold going concern of the established Millers Inn, located in Altona North, by way of an Expressions of Interest campaign closing Thursday, 26 June 2014.

Established in 1968, Millers Inn has long been a staple in the western suburbs of Melbourne. The well-known hotel boasts nine motel rooms, a drive through bottle shop, bistro and bar for 100 patrons, sports/public bar with TAB and has a gaming lounge with an enviable 70 gaming machines.

Positioned on a 1,410sqm site less than 10 minutes from the CBD, Millers Inn combines the triple income stream of food, beverage and gaming with the advantageous positioning within the Borrack Square Shopping Centre and is only metres from the extensive Altona Gate Shopping Centre. The sale also encompasses the adjacent vacant land of 1,277sqm fronting Millers Road and has significant future development potential (STCA).

The Australian pub market kicked into gear in 2013 with $775 million dollars of transactions, signalling a 50% increase from 2012. More specifically, the Victorian hotel market is showing encouraging signs of buoyancy accounting for circa $150 million worth of transactions. With sentiment increasing, indications are this trend will continue, especially towards gaming-centric operations.   

This property is perfectly located, has a proven track record and represents a rare opportunity within the Melbourne hotel sector. "Freehold going concerns of any nature are extremely tightly held in the greater metropolitan area. This, together with the hotel having consistently been rated in the top 10 gaming venues of the state and the potential future development opportunities of the vacant land, Millers Inn will generate significant interest from parties both locally and domestically." said Mathew George, Vice President – Investment Sales, Hotels & Hospitality Group.

John Musca, National Director – Investment  Sales, said that "Prime Melbourne gaming assets have always been the most tightly held in the country and the opportunity to acquire such an earnings platform, along with some rare market scalability opportunities at present, are sure to attract the interest of the national aggregators in the asset class." 

For further information or a confidential discussion, please contact Mathew George (03 9672 6674 or 0400 663 840/ mathew.george@ap.jll.com) or John Musca (02 9220 8710 or 0424 257 004/ john.musca@ap.jll.com).