ICONIC MELBOURNE HOTEL SET TO CHANGE HANDS
Written on the 25 August 2015
PUBS group Cook Beaumont & Partners is calling time at the Pine Grove Hotel after nine years of ownership, placing the leasehold of the iconic property on the market.
The hotel is one of Upper Beaconsfield's popular food, beverage, gaming and function destinations for locals, with history dating back to the late 1800s.
Cook Beaumont, controlled by partners Peter Cook and Stephen Beaumont, says that while the business was "highly profitable" the sale is due to changes to the company model and executive team.
"We have made a series of improvements to the hotel over the years and believe the time is now right to pass the baton to a new owner," says Beaumont.
"The quality of food and beverage sought by the public continues to lift and venues that can meet this expectation, whilst offering reasonable price levels, will be rewarded.
"The Pine Grove Hotel offers this kind of opportunity and we are keen to see it taken to the next level."
Colliers agents Will Connolly and Guy Wells are facilitating the sale of the hotel and are expecting strong competition between prospective local operators.
"Upper Beaconsfield is a tight-knit community and we believe a purchaser will be able to enjoy this aspect which can be quite a rare find in some suburban hotels," says Connolly.
"We expect [the Pine Grove Hotel] will be attractive to locals within the surrounding area, whether they are first time buyers or current hospitality venue operators."
Expressions of interest for purchase of the leasehold close on 9 September.