Ballarat's Bluestone nightclub building up for sale again

Re-listed after failing to sell last year, real estate agents say the three-level institution is a solid investment, as the business owners have signed a long-term lease.

"Your yield on this one's 8.5 per cent, it's hard to get anything much about 6," Colliers International's Andrew Lewis said.

"It's essentially a 'bottom drawer' investment - you buy it, you don't have to worry about it, it looks after itself."

The business itself has been sold to a management group - Mr Lewis described it as being "basically a management buyout", and will continue operating as it has since 2010.

Initially a 19^th century warehouse, built in 1869, the interior features separate function spaces and VIP booths, including a basement bar.

The real estate listing notes it's licensed for 660 people.

It's one of several well-loved Ballarat nightspots, and one of the longest-lasting, and has hosted a variety of big-name and local DJs and musicians.

The building is one of several hospitality venues on the market, including the Mair Street home of The Pub With Two Names - which is staying open - and the former Miners Tavern on Lydiard Street.

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The Pub With Two Names' building, which features artwork from David Bromley and an attached gallery, went on the market in September.

The Miners Tavern is being sold with its late licence still attached, but as a vacant possession, which Mr Lewis said would give any future owners more flexibility.

The tavern closed in March.

Several other pubs and nightspots have opened in Ballarat recently, including the piano-led Uptown on Lydiard Street which opened in June.

Other bars and venues are expected to open along Mair Street and Lydiard Street, among others, in the near future.

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