For two decades, Melbourne diners have marvelled at spectacular views of the city while devouring seafood at this waterfront restaurant, but the sun is now setting for its current owners.
Just 11 kilometres south-west of the CBD and perched immediately fronting Williamstown’s Gem Pier and looking out onto yachts and tall ships, Pelican’s Landing is now on the market.
The two-storey venue, which has a restaurant, bar and function centre, stands out from the rest with its classic maritime white exterior.
Williamstown, famous for its beautifully restored old buildings, maritime history, colonial landmarks, parks, wetlands and a pretty sandy beach, was home to Melbourne’s first port settlement in 1837.
The hospitality opportunity at 1 Syme Street, which rakes in $5 million annually, is being offered to the market for the first time since 2006. It is being sold as a business and freehold for $16 million, or as a business alone at around $6 million. Agents say it has scope for significant upside.
Additional property features include a 320-patron seating capacity, a large licensed outdoor area with a wraparound balcony, two fully equipped kitchens (with a dumb waiter), storage, an undercover heated smoking area, and seven basement carparks.
The well-located and connected venue, with a floor area of 750 square metres, overlooks the marina and sits adjacent to Commonwealth Reserve, the Royal Yacht Club of Victoria and Hobsons Bay Yacht Club.
The site is located just 500 metres from the Ferguson Street and Douglas Parade retail precincts, where shops, cafes and restaurants line the historic strip, and is a one-minute walk from the ferry to Port Melbourne and St Kilda.
The property is being marketed via an expressions of interest campaign by James Gregson Commercial’s Martin Huang and James Gregson.
“It’s a privilege to offer such a unique and powerhouse hospitality venue; its absolute waterfront location is unparalleled,” Huang says.
“The venue’s current success as a dining and events destination only scratches the surface of its potential.”
Huang says significant upside lies in further activating the function centre, which is used for weddings, corporate events and private events.
Other options include expanding the outdoor operations to include an al fresco bar and food truck precinct, and making use of an area next to the pier.
So far, the campaign has attracted strong interest from local operators, interstate investors and international hospitality investors.
“The market has responded enthusiastically to this offering,” Huang says.
“While the business sale remains the priority, the freehold presents a compelling secondary opportunity to secure this irreplaceable waterfront asset.”
Huang says it’s more than just a hospitality business.
“It’s a chance to own a piece of Melbourne’s maritime history with all the ingredients for continued success: an unbeatable location, established trade, and multiple avenues for growth,” he says.
“The combination of operational history and future potential makes this a truly exceptional proposition for discerning investors or operators seeking a flagship venue.”
Expressions of interest close at 2pm on June 17.