Melbourne's Bridie O’Reillys pub auctioned off above $6 million

The well-known Bridie O’Reilly’s pub in Melbourne's Brunswick fetched $6.03 million at its hotly contested auction.

The 29 Sydney Road pub was sold to a local investor through Colliers International’s Guy Wells and Pat Connolly, along with Jonathon McCormack and Alex Ham of Gross Waddell.

The sale of the nearly 1,120 square metre site translates to a yield of 4.23%.

Bidding opened at $5 million and multiple parties threw their hat in the ring. 

The winning bid was by Peregrine Projects, a local developer with plans to retain the original heritage corner pub while developing up to 60 apartments over five levels on the remainder of the block.

The property was sold by local builder and investor John Connellan, who held the hotel for 18 years after redeveloping it for The Bridie O’Reilly group.

Formerly known as the Sarah Sands Hotel, it was extensively refurbished in 1997 and now operates as an Irish-themed pub and entertainment venue.

Situated at the corner of Brunswick and Sydney Roads with additional frontage to Black Street, the hotel comprises a ground floor lounge area, large dining room/nightclub area and an outdoor courtyard.