Ballarat’s Bluestone going up for auction

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 Burgess Rawson 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 Burgess Rawson’s portfolio auction event at Crown Casino at 11am on Wednesday April 1.

Written by Alex Ford, published by The Courier

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