News release

Building home to one of Brunswick’s most popular hospitality venues sells

JLL sell 16 Michael Street, Brunswick to private investor

August 30, 2021

MELBOURNE, 30 August 2021 – A large single level building that is occupied by the renowned venue known as ‘Howler Bar’ in Brunswick has sold for $4 million to a local private investor.

JLL’s Directors of Capital Markets- (VIC), Nick Peden, Jesse Radisich and Associate, MingXuan Li sold the property at 16 Michael Street via an online virtual auction achieving a 2.60% yield and a land rate of $4,420 per sqm.

Mr Peden said, “The sale result for 16 Michael Street, Brunswick is a true representation of the buoyant market that we are in. With more than 100 enquiries, 20 personal inspections, many virtual inspections, 12 registered bidders and 72 attendees to the auction, it is clear that market sentiment remains positive.”

“Achieving a yield of 2.6% for a leased asset with a new 5+5 year lease shows the depth of interest for the property and is a direct reflection of the confidence within the market despite continued lock-downs,” Mr Peden said.

Mr Radisich said, “We were blown away by the level and depth of interest in this opportunity. It is clear that Brunswick and the inner north continues to be firmly on the radar of savvy investors and developers, and we are certainly expecting growth in the area to continue strongly into the future.”

Currently, 16 Michael Street generates a net income of $104,000 per annum and Howler Bar have recently renewed a new five-year lease agreement with a further five-year option. Howler Bar has been in occupation for the past 10 years, demonstrating a testament to the success of the operation in this location.


About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.