Ballarat’s Bluestone going up for auction

Ballarat’s Bluestone nightclub building will be going under the hammer on April 1.

Despite a couple of attempts at being sold on the market last year, commercial agency CBRE will auction the 19th century Mair Street building in partnership with Colliers International.

In a media statement, director Raoul Holderhead described the building as ‘irreplaceable’.

“This is one of the most famous buildings in Ballarat – it has literally stood the test of time and is absolutely irreplaceable,’ he said.

“It currently returns almost $320,000 in annual rent, and we’re expecting a very attractive yield of around 10 per cent.

“Situated next to Federation University with a captive audience of around 3000 students and only metres from Ballarat train station, the property is in a prime location and has operated very successfully as a nightclub for ten years.’

The multi-level building, which is still open, includes bars, dance floors, function rooms, and a beer garden – the statement notes the business has a five-year lease with another five-year option, and a license for 660 people.

It will be auctioned at CBRE’s portfolio auction event at Crown Casino at 11am on Wednesday April 1.

Written by Alex Ford, published by The Courier