Golden Fleece pub with Santorini-style rooftop heads to auction
A “holiday-at-home” pub inspired by the Greek Isles, complete with its own sun-drenched Santorini-style rooftop, is set to change hands.
The Golden Fleece hotel – considered one of South Melbourne’s most photographed rooftops – is located on a prominent corner site at 120 Montague Street, within the Montague Precinct of Fishermans Bend urban renewal project, about three kilometres from the CBD.
Described by its long-term leaseholders, the duo behind former South Yarra venue Two Wrongs, as an “enchanting oasis”, the business is built around Yiayia-style comfort food, design and experience following an extensive renovation a few years ago.
By offering themed Greek nights, dog-themed hangouts, and weddings, the pub has attracted a loyal customer base and consistent patronage.
Lemon Baxter’s Tom Burley sums up its unique aesthetic as “Santorini meets South Melbourne”, while describing the opportunity as “an outstanding opportunity to acquire one of Melbourne’s most talked-about and high-performing pubs”.
The lease structure adds to investor appeal, according to Burley, citing fixed annual rental growth and a market review in 2026 as providing “a compelling blend of income security and built-in upside”.
The property comprises a 580-square-metre building on a 293-square-metre land parcel, with tenants returning $146,316 in net annual income. The lease includes fixed three per cent annual increases, a market review scheduled for September 2026 and three further five-year options, providing long-term income visibility.
First licensed in 1872, the Golden Fleece has traded in various forms for more than 150 years, but its most recent chapter began in December 2021, when the pub reopened after an extensive interior gutting and rebuild.
Once finished in a solid grey typical of a traditional corner pub, the building was transformed with a soft, pastel-toned mural wrapping the facade. Its distinctive exterior and rooftop – home to curvaceous white-wash walls and plenty of cacti – are now central to the venue’s brand and market recognition, with plate-smashing and smiling selfies appearing widely on Instagram.
Fittingly for a venue now trading on Greek Island influences, the hotel’s name echoes the Golden Fleece of Greek mythology, while also carrying a later layer of Australian cultural resonance, sharing its name with the national Golden Fleece petrol station chain on streetscapes in the 70s and 80s.
Co-listing agent Peter Sprekos of Lemon Baxter said opportunities of this calibre were rarely available.
“This represents a rare opportunity to acquire a tightly held hospitality investment offering long-term income security, underpinned by a proven operator who has invested substantial capital in both the building and the fitout,” he said.
The inner-city location is famous for the South Melbourne Market and other attractions, including DFO South Wharf, the Melbourne Convention and Exhibition Centre, and the West Gate Freeway.
The Fishermans Bend Urban Renewal Area, covering around 480 hectares – more than twice the size of Melbourne’s CBD – is being reshaped into Australia’s largest inner-city mixed-use regeneration zone, evolving from a 19th-century fishing settlement and heavy industry. Plans state that by 2050, the area will contain 80,000 residents and provide employment for up to 80,000 people.
The property will be auctioned at noon on Thursday, March 12.
