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 Ichi Ni Nana Izakaya, is now listed between $6 million and $7 million, down from over $10 million in 2024. This represents approximately half its potential replacement value. The building features a coveted 3am liquor licence and is scheduled for auction on May 28 via Stonebridge Property Group. The article also highlights a broader downturn in the hospitality real estate sector, noting that the Pascoe Vale RSL sold for $3.4 million, below its $4.5 million expectation, and the Grossi family sold the Brandon Hotel for a low yield. Additionally, retail shifts are occurring, with Forty Winks relocating from Fitzroy to Abbotsford due to redevelopment plans. These transactions illustrate changing dynamics in Melbourne’s inner-city commercial property market, characterized by lower valuations and strategic relocations for businesses.
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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 Ichi Ni Nana Izakaya, is now listed between $6 million and $7 million, down from over $10 million in 2024. This represents approximately half its potential replacement value. The building features a coveted 3am liquor licence and is scheduled for auction on May 28 via Stonebridge Property Group. The article also highlights a broader downturn in the hospitality real estate sector, noting that the Pascoe Vale RSL sold for $3.4 million, below its $4.5 million expectation, and the Grossi family sold the Brandon Hotel for a low yield. Additionally, retail shifts are occurring, with Forty Winks relocating from Fitzroy to Abbotsford due to redevelopment plans. These transactions illustrate changing dynamics in Melbourne’s inner-city commercial property market, characterized by lower valuations and strategic relocations for businesses.
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