Under Offer - The Cornerstone Hotel - 1p6167

Over 150 years ago in 1860 a historic cornerstone was laid in Port Melbourne and from that day The Cornerstone Hotel has been a great place for the locals to meet-up, catch-up, celebrate and commemorate.

Today as you walk up Bay Street in Port Melbourne the old style charm and romance still greets you with the venue having the original stonework and arched windows on full display. To the front of the venue is a footpath trading area that can look after 32 patrons. Stepping inside a circular bar services three sides of the large ground floor area, with its booths and pool table.

Behind the bar is the stage and more seating perfect for the bands and comedy shows. From there you can see into the fully equipped commercial kitchen and cool room. From inside the kitchen there are steps that lead down into the cellar with its grease trap and storage.

Up a couple of steps in the main room is a private dining area with a large screen on one wall, ideal for meetings and small functions. For larger functions there is the upstairs function space with its own entrance, being independent with its own toilets and bar. Leading off the reception room are the old accommodation rooms, now just used for storage.

The Cornerstone Hotel has a Late Night General Licence until 3am on premise and 11pm off premise with a maximum capacity of 384. There are thirteen years left on the lease made up of 3+5+5. The rent is $3060 a week including GST with a large asset register of items included in the sale. There are no equipment or supplier contracts to be transferred.

The Cornerstone Hotel is a big venue that needs a hospitality group or those with experience in the industry to use the venue's full potential and there is plenty. The vendors have businesses abroad that they are concentrating on hence the sale. The venue has had a very good refit during Covid and so is in good condition, therefore all the infrastructure is there. The vendors are looking for a quick sale and so are very realistic on the price, with a walk in walk out sale and no books, so only asking for $150,000 (price reduction) for this exclusively listed late night pub.