Australian Venue Co has acquired three new pubs in Melbourne, in expectation of a strong economic recovery and record consumer demand this summer.
The three new venues will bring the group’s Victorian portfolio to a total of 38 venues. Across Melbourne and regional Victoria, Australian Venue Co has focused on acquiring and revitalising iconic heritage venues and landmark destinations.
The acquisitions are Village Belle Hotel in St Kilda, Ball Court Hotel in Sunbury and The Victoria Hotel in Yarraville. Settlement of Village Belle Hotel will take place at the end of November and re-openings of the other two, currently closed, venues under AVC management will be in November and December respectively.
The sale of the Village Belle Hotel represents one of this year’s largest Metro Melbourne leasehold transactions in this category to date.
Australian Venue Co CEO Paul Waterson (above) said the acquisitions reflect the group’s confidence in the industry.
“It’s been a challenging 18 months for the industry, but we’re a resilient business and we’re focused on the future. It’s full steam ahead now,” he said.
“Melburnians have missed the pub and they’re coming out in droves. Many of our pubs have been part of the community for more than a hundred years, and they’re not going anywhere. We’re committed to investing in the industry and keeping these pubs open for decades to come.”
“These new acquisitions are beautiful community pubs, and we’re excited to be part of their next chapter as we all look forward to the future. We’re excited to open their doors for a fun summer of catching up with family and friends, and getting back to the pub.”
Earlier this year, the group re-opened the historic Sarah Sands Hotel in Brunswick after an extensive renovation, and acquired Bimbo in Fitzroy, which will re-open under the name Kewpie on November 8.