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A Father and Son team took over the Stone Hotel, one of the largest venues in Fitzroy, over eight years ago. It dominates the Brunswick & Johnston Street intersection that it is on with the unique building artwork identifying the building from a long way off.
The whole ground floor is one large bar and dining area with the bifold doors on both sides opening up on to the street giving easy access to the footpath trading outside. Set up with a modern industrial look there is lots of metal and wood surrounding the large bar on the left and then assorted seating throughout. The main room can be set up for dining, drinking or late night partying depending on the time and day. There is a large projector and screen and for those inclined a little section of screens set up for the TAB. This leads on to a small courtyard for the smokers and to a full suite of toilets again in the unique metal and wood format. To the right of the bar is a a well equipped full commercial kitchen with its own cool room. A door leads off from the rear alley of the venue straight into the beer cool room with its ten tap glycol beer system.
Upstairs is almost a mirror image of below. Used as a dedicated function space the top floor has its own bar, toilets and roof top balcony. All the design work and council approval has also been given to build a roof top beer garden on top of the function space being completely independent of the other two levels having its own bar, toilets, kitchen and entrance. This will greatly enhance what is already there with another 120 patrons and give great views over the area. A full set of plans are included in the information pack.
The Stone Hotel has a very desirable Late Night On Premises licence until 3am with a capacity of 300. There are twenty years left on the lease made up of 5+5+5+5. Rent including GST is $3500 a week having been reduced 12.5% as part of the recent rent review. The whole venue is in excellent condition and there is an extensive fixture and fittings list with no equipment or supplier contracts being transferred.
The Stone Hotel is being run by an owner operator at the moment. So it can be run as such or taken over by a hospitality group as an excellent addition to their portfolio. There is plenty of room to expand operations with the venue in its existing format or as well as adding the roof top level. There are a full set of financials with supporting documentation that fully justify the asking price of $550,000.
