Leisure & Entertainment business for sale in Ascot Vale
- Leisure & Entertainment
- 289 Mount Alexander Road Ascot Vale VIC 3032
- Leasehold $495,000
UNDER CONTRACT - The Laurel Hotel - 1P4677
The Laurel Hotel is a popular Ascot Vale pub that has been in existence since 1853 making it one of the oldest Pubs in Melbourne. Situated close to Flemington and Moonee Valley Racecourses it absorbs a huge amount of trade during the racing carnival each year.
The downstairs Sports Bar has a well-designed layout with a Pub TAB with 2 EBT machines and 1 TAB Window plus multiple large screen TV's. This leads round to the Lounge Bar which has an atmosphere totally different to the Sports Bar allowing customers to choose what space suits them. Then through the main entrance and on to a huge Bistro that can cater for large groups down to individual diners and private functions. It has a central bar and a private dining area at the rear for functions of up to 50 guests.On the Upper Level of the venue there is a popular Rooftop Beer garden with retractable roof, heating, private bar, toilets and smoking space. Heading up stairs the second level of the building is split in to two. Firstly there is the function space with its own bar and toilets and smoking area that can cater for a function up to 150 guests. Then accessed from the venue car park are steps leading up to the Rooftop Beer Garden with huge wooden tables, bench seating and private side function space. There are also two other outdoor spaces, one leading off the Sport Bar and the other off to the Bistro.
To support such a large dining area there is a very large kitchen. The first section has a wood fired pizza oven with preparation and serving area. The main kitchen has walk in cool rooms, Combi Ovens, Dishwashing area and a fully equipped commercial set up. Leading off the kitchen there are dry stores, offices and keg room with a glycol beer system.
The Laurel Hotel has a General Licence, off premises till 11pm and on premises till 1am with a capacity of 525.There are 14 years left on the lease made up of 2+6+6. Rent including GST comes in at $5971.47 with a rent review in 2020. The venue is in excellent condition with an extensive fixture and fittings list.
There is consistent income of over $35,000 a week from the bistro and bar (with weekly income summary sheets) and the function income to be added on top that.There are a detailed set of books and POS income reports so the vendors are asking for offers in the region of $495,000.
This venue is now UNDER OFFER.Due diligence is continuing but the contract of sale and settlement will not occur until the Covid 19 restrictions have been lifted.
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