Carlton's Corkman Irish Pub sold for $1.56 million above auction reserve
A local developer has gained a foothold in the highly sought after Melbourne University precinct, after acquiring the Corkman Irish Pub for $4.76 million.
It was $1.56 million above its auction reserve.
Located at 154-160 Leicester Street in the inner city fringe suburb of Carlton, the historic two storey pub, formerly the Carlton Inn, is located on a prime 456 square metre corner site.
The pub is directly across the road from the University of Melbourne law school.
It was sold by CBRE Hotels agents Joseph Du Rieu and Scott Callow, in conjunction with CBRE agent Mark Wizel.
There were five bidders vying to buy the Corkman Irish Pub which is a traditional food and beverage venue with public bar, bistro dining, courtyard and first floor hostel accommodation.
The pub has been with the same owner since it last traded in 1987 for $900,000.
It was offered as a freehold site, subject to a six-month lease. The holding income is about $82,000 a year.
