Former Espy Owners Slash Price for Historic Fitzroy Pub Amid Market Slump
The former owners of St Kilda’s Esplanade Hotel are attempting to sell their historic five-level pub in Fitzroy, Melbourne, for a significantly reduced price. The property at 125-129 Brunswick Street, previously home to the Ichi Ni Nana Izakaya restaurant, is now listed between $6 million and $7 million, down from over $10 million in 2024. This vacancy-driven price cut reflects broader challenges in the hospitality real estate sector. The building, featuring a coveted 3am liquor license, is scheduled for auction on May 28. The article also highlights other recent hospitality property transactions in Melbourne, including the $3.4 million sale of the Pascoe Vale RSL to Pegasus Leisure Group and the Grossi family’s sale of the Brandon Hotel in North Carlton. Additionally, retail shifts are noted as Forty Winks relocates from Fitzroy to Abbotsford due to redevelopment plans. These movements illustrate a dynamic but tightening market for commercial hospitality and retail assets in Melbourne’s inner suburbs, with investors adjusting expectations amid changing economic conditions.
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Former Espy Owners Slash Price for Historic Fitzroy Pub Amid Market Slump
The former owners of St Kilda’s Esplanade Hotel are attempting to sell their historic five-level pub in Fitzroy, Melbourne, for a significantly reduced price. The property at 125-129 Brunswick Street, previously home to the Ichi Ni Nana Izakaya restaurant, is now listed between $6 million and $7 million, down from over $10 million in 2024. This vacancy-driven price cut reflects broader challenges in the hospitality real estate sector. The building, featuring a coveted 3am liquor license, is scheduled for auction on May 28. The article also highlights other recent hospitality property transactions in Melbourne, including the $3.4 million sale of the Pascoe Vale RSL to Pegasus Leisure Group and the Grossi family’s sale of the Brandon Hotel in North Carlton. Additionally, retail shifts are noted as Forty Winks relocates from Fitzroy to Abbotsford due to redevelopment plans. These movements illustrate a dynamic but tightening market for commercial hospitality and retail assets in Melbourne’s inner suburbs, with investors adjusting expectations amid changing economic conditions.
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