Local developer Peregrine Projects has bought the Bridie O’Reilly’s pub in Melbourne’s Brunswick for just over $6 million.
The property was sold by local investor John Connellan, who had owned the pub for 18 years.
The buyer plans to retain the original heritage corner hotel while developing up to 60 apartments over five levels on the remainder of the block.
The site was at the gateway to Brunswick with multiple street frontages, while being close to parklands, shops and universities, said Colliers International agent Guy Wells.
YIELD: 4.23 per cent
BUYER: Peregrine Projects
SELLER: John Connellan
SITE: 1120sq m
AGENTS: Guy Wells and Pat Connolly, Colliers International; Jonathon McCormack and
Alex Ham, Gross Waddell,