Bentley Hotel Sale Passes the Pub Test

A popular pub and liquor store in Bentley has a new owner, but locals can rest assured their long-loved spot for a coldie isn’t planning a change. Burgess Rawson’s Melbourne based partner Billy Holderhead said two Sydney-based Chinese-Australians bought the Bentley Hotel and associated First Choice Liquor outlet for just over $10 million as a longterm investment. The property will continue to be leased by national hotel operator Queensland Venue Co, with a guaranteed deal until 2029 and two 10-year options beyond that. “In the current low interest rate climate, to own a quality property and get a guaranteed yield of more than 4 per cent is a great result compared to the cost of money,” Mr Holderhead said.

“Like many buyers, they were looking for secure investments with strong tenants and long-term leases, not to make big changes to a venue or to change its use.” Coles Property Developments sold the property at auction in Melbourne on March 30 through Burgess Rawson. “The greatest competition in the commercial property market is for long-term freehold investments, especially with high-quality tenants such as QVC,” Mr Holderhead said. “The fact we saw an 82-bid marathon with bids from overseas and every State of Australia exemplifies the popularity of this sector.”