One of Melbourne’s most recognisable pubs is hitting the market, with interest expected from publicans, hospitality operators, and developers alike for the Carlton home of the iconic Dan O’Connell Hotel.
Fitzroys agents David Bourke and Chris James are marketing 223-227 Canning Street, on a prized 520sqm corner site in Melbourne’s vibrant inner-north, with vacant possession. The Expressions of Interest campaign formally begins next week and closes 1 July.
Interest is expected in excess of $2.5 million.
One of Carlton's oldest local pubs, Dan O’Connell dates to 1884 and was named after the famous Irish political figure and is also affectionately referred to as “The Dan”.
The Gothic building is a nightlife landmark for Melburnians, and a familiar face for the thousands of passing motorists and cyclists each day along Canning Street and Princes Street.
Home to many Irish pub enthusiasts, drinkers and musicians, Dan O’Connell has in recent time become known for its famed St. Patrick’s Day parties with free-flowing Guinness and weekends that spilled out onto the street and the adjacent park, while its regular live music, comedy, poetry and trivia nights with open fire places, pool and live sports on the big screen have earned the hotel a reputation as a genuine local.
The venue has a beer garden and is licensed to operate seven nights a week.
Bourke said interest is anticipated from hotel operators, developers, and buyers for alternate uses such as childcare, student accommodation, and other boutique uses.
“Pub and hospitality operators are expected to show huge interest in an incredibly rare opportunity to acquire outright one of Melbourne’s oldest pubs, which has a captive audience and is primely positioned in the cultural hub of the inner-north.”
“Vacant, this will also offer a blank canvas for operators to potentially refurbish and reposition the freehold as Melbourne’s hospitality landscape opens up post-COVID, whilst other value-add buyers will be looking to alternate uses and take advantage of the zoning and corner position.”
James said, “The gentrification of the inner-north had seen an influx of young families that would likely draw the attention of childcare centre operators, while the property’s position near the University of Melbourne and the northern precinct of the CBD made the site an ideal candidate for a boutique student accommodation development.
He said the popular Canning Street bike route from the CBD to the north provides a constant flow of traffic past the door.
“Focus will again shift on demand for student accommodation premises in the future as international borders reopen and well-located sites are consistently in demand. Scape Australia’s recent $2 billion acquisition of Urbanest shows there is still strong confidence in the sector’s prospects,” James said.