From Pies match days to $5m-plus price tag: this Richmond pub has it all
One of inner-city Melbourne’s most recognisable pubs, The National Hotel, is being offered to the market with a $5 million-plus price guide, presenting investors with what agents describe as “the perfect balance between heritage and style”.
Steeped in local sporting history, the pub was a popular pre- and post-game haunt when Collingwood played at nearby Victoria Park, drawing crowds on match days and cementing its place in Richmond’s social fabric. It later became a favoured watering hole for staff at Carlton United Breweries, underscoring its long-standing connection to Melbourne’s industrial and sporting heartland.
Perched prominently at 340-344 Victoria Street, Richmond, the pub’s long-established trading history underpins its broad appeal as a go-to venue along a famous Vietnamese restaurant and lifestyle spine just three kilometres east of the city.
Set to exchange hands for the first time in 50 years, listing agent Mark Durnan of Bendigo-based Priority1 Property says the “extensively renovated” dual-fronted 611-square-metre hotel has been owned by former operator Basil Poulis since the 1970s.
Investors can take advantage of immediate income, with the pub fully fitted out and leased to experienced hospitality operators on a 15-year agreement.
Poulis “has had a great relationship with the current operators who operate a number of prominent Melbourne hotels,” Durnan adds.
Over decades, the hotel has been updated, blending its original Victorian structure with contemporary finishes that support both casual and elevated hospitality experiences.
The National’s culinary reputation extends beyond pub classics. According to Durnan, the hotel was “the first pub to do Vietnamese cuisine” in the area, reflecting Victoria Street’s wider cultural evolution as a renowned Asian dining precinct.
More recently, the venue has adopted a mainstream yet quality pub food offering, serving crowd favourites including parmas, lasagne, burgers, seafood nights and Sunday roasts, complemented by craft beers and curated cocktails.
One of The National’s most distinctive features is its outdoor environment. Positioned on the corner of Lambert and Victoria streets with more than 50 metres of frontage, the hotel boasts a large beer garden with a retractable roof, providing a versatile all-weather trading space – a premium asset in Melbourne’s four-seasons-in-a-day climate.
Internally, the pub offers flexible trading zones including a main bar and private dining areas, supporting multiple operating models ranging from a food-led gastropub to a live entertainment venue or mixed-use hospitality hub. A further 10 rooms upstairs present additional expansion and value-add potential.
The well-located hotel – close to Melbourne’s sporting precinct, public transport, universities and the expanding Richmond residential catchment – continues to benefit from strong local patronage.
“The solid growth in apartment dwellings has contributed to the solid trade the pub has enjoyed in recent years,” Durnan says.
The National Hotel’s business and freehold are being offered for sale with Priority1 Property following a campaign with JLL last year.
