Historic Ballarat Hotel Changes Hands in $4.15 Million Deal

One of Ballarat’s most prominent hospitality assets, the Golden City Hotel, has sold for $4.15 million through Burgess Rawson Partner Raoul Holderhead in conjunction with Colliers Ballarat.

Mr Holderhead said the campaign drew significant interest, with 58 enquiries received during the Expressions of Interest process.

“This is a landmark sale for Ballarat,” Mr Holderhead said. “The Golden City Hotel is an iconic building with a long-standing presence in the community, and we saw strong demand from investors who recognised the unique combination of heritage appeal and solid lease security.”

Established in 1856 and located in the heart of Ballarat’s CBD at 429 Sturt Street, the Golden City Hotel is a fully leased hospitality venue operating seven days a week. The beautifully restored two-storey Victorian building features a large bistro, bar, café, conference and event spaces, along with alfresco dining areas, making it a staple for both locals and visitors.

The property is secured by a renewed five-year lease through to 2029, with further options extending to 2054. It is offered on a net lease basis, with the tenant responsible for all standard outgoings excluding land tax. The current net income is $388,589 per annum plus GST, with CPI-based annual rent reviews contributing to the long-term investment potential.

Positioned on a 567sqm high-exposure corner site zoned Commercial 1, the hotel benefits from 56 metres of frontage to Sturt and Dawson Streets and around 8,000 passing vehicles daily. Its proximity to Central Square Shopping Centre—anchored by Myer, Big W and Woolworths—along with the nearby Ballarat Train Station and Federation University campus, further enhances its strategic appeal.

Mr Holderhead noted that Ballarat’s strong population growth and expanding tourism sector helped underpin buyer confidence.

“As Ballarat continues to grow as a cultural and economic hub, quality assets like this are increasingly sought after. The sale result reflects a broader confidence in the city’s future and the enduring appeal of blue-chip hospitality investments,” he said.