Rochester Castle Hotel, 202-204 Johnston Street, Fitzroy, Vic 3065

Burgess Rawson are delighted to present to market the iconic Rochester Castle Hotel at 202-204 Johnston Street, Fitzroy (Melbourne) VIC for sale via Investment Portfolio Auction 173.                 
  
The property has the following investment highlights:     
 
+ The Rochester Castle Hotel: thriving Fitzroy landmark, established in 1852 and one of Melbourne’s most well-known venues.
+ New Five (5) year lease to August 2029 with Four (4) further Five (5) year options through to 2049.
+ Fixed, annual 3% rent increases, ensuring strong and certain income growth.
+ Securely leased to successful hospitality operator with multiple and popular local venues in Fitzroy and Carlton. 
+ High-profile 412 sqm* corner site with a combined 46 metre* frontage and favourable Commercial 1 Zoning (C1Z).
+ Extensive 660sqm* 2-level building, including bar, dining, kitchen, beer garden outdoor dining and event space rooms with capacity for 591 patrons and a 3am license.
+ Strategic location between Smith and Brunswick Streets with strong foot-traffic and 19,000 vehicles passing daily. (1)
+ Key development and residential catchment: over 1,000 new apartments recently built and/or under construction within a 1km radius, providing immediate population growth to the area.
+ Landlord preferred net lease structure with the tenant pays outgoings excluding land tax.
+ Fitzroy: Booming city-fringe suburb, only 1.1km* from the CBD, with population forecast to surge 61.74% by 2046. (2)
+  Fitzroy residents’ weekly incomes are 57% higher than the Victorian average. (3)
+ Net Income: $180,872 pa* + GST.
 
For Sale Via Investment Portfolio Auction 173
10:30 am (AEDT), Wednesday 11th of December 2024
Crown Casino, River Rooms, Melbourne VIC
 
*Approx
(1) GapMaps
(2) Forecast.id
(3) ABS