Known as the Emerson, the 1,434 square metre building is a popular entertainment and function venue sold recently in a deal negotiated by Colliers International’s Guy Wells and Oliver Hay.

While the eventual sale price has not been disclosed, it is believed to have sold close to the quote price of $11 million.

Mr Wells said the property, located at 141-145 Commercial Road, South Yarra, represented the opportunity to own a site where Melbourne came to celebrate and confirmed to COMMO that the eventual sale price reflected the quote price.

At a glance:

• Popular Melbourne nightspot sells to local investor for around the quote price of $11 million
• The 1,434 square metre building offers multiple-level hospitality options including dance floor, private lounge and rooftop function space
• The property was sold by Singapore-based investor with a ten-year lease to Emerson operators with fixed annual rent increases and two five-year renewal options

“This is the first time the venue has changed hands since undergoing a major redevelopment in 2012 and re-opening as The Emerson in 2013,” Wells said.

“With the security of a long-term lease to established tenants, this is a piece of South Yarra for now and the future and as such, it was hotly contested by a diverse group of buyers.”

Wells said the property offered a multiple-level hospitality business with separate trading spaces, positioned in the heart of ever-popular South Yarra.

Situated on a 530 square metre site, the property was sold by a Singapore-based investor with a ten-year lease to The Emerson that comes with fixed annual rent increases and two five-year renewal options. 

The existing tenants, who have been operating the venue since the refurbishment, will continue running the award-winning bar which has a late-night liquor licence allowing trade to 5am and capacity for 675 patrons. 

The building’s heritage façade makes way for a large, open plan bar and entertainment area to the ground floor with dancefloor and bar areas. Level 1 provides a private lounge area overlooking the bar below, with separate service points and exclusive booth areas. 

The rooftop provides an all-weather entertaining and function space with retractable roof and commercial kitchen area.

Mr Hay said: “The Emerson is uniquely positioned in the entertainment hub of Melbourne with a fully redeveloped and state-of-the-art venue, and this sale was an opportunity to secure an iconic Melbourne asset in a blue-chip location.”

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