South Melbourne’s Wayside Inn has sold.
The beers will keep flowing at a century-old South Melbourne pub, following its multimillion-dollar sale to a new publican.
The Wayside Inn has changed hands for the first time in 25 years, for an undisclosed figure understood to be in excess of the $3.7m asking price.
JLL Hotels & Hospitality Group vice president Will Connolly said the buyer intended to continue running the historic pub at 446 City Road as it was in the short term, before potentially renovating it next year.
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The pub was refurbished in 2018.
The new owner intends to keep running the pub.
They intended to benefit from the watering hole’s rare 5am general liquor licence, which gave it a late-night edge over other venues in the area.
The Wayside Inn dates back to about 1868, although the building that stands today was constructed in 1915.
Mr Connolly said it underwent a minor refurbishment in 2018, and had been operating in “takeaway mode” during Melbourne’s COVID-19 lockdown.
“It has been a fairly frequented gastropub, being close to Crown and on the light rail. It’s had a really great food reputation,” he said.
The hotel dates back to the 1800s.
A courtyard and beer garden was part of the package.
The property occupies a 587sq m block on the busy City Road and Ferrars Street corner.
It includes a large public bar, a dining room with an adjoining courtyard and beer garden, and an upstairs function room with a dedicated bar and a rooftop deck.
Mr Connolly expected the sale to give hotel owners throughout metropolitan Melbourne confidence they owned “an asset that is viable and seen by the market as a type of property that will recover”.
“The Melbourne hospitality industry has been, and continues to be, the heaviest hit since COVID-19 restrictions were implemented,” he said.
On the other side of the city, the site of beloved Carlton Irish pub the Dan O’Connell Hotel sold in July, after attracting up to 100 inquiries over a month on the market.
It’s understood the 1884 Gothic building on the corner of Canning and Princes Streets sold well in excess of its $2.5m price guide. The property’s future remains unknown.
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