OWNER of Craig's Royal Hotel John Finning says it is with a heavy heart he has put Ballarat's most historic pub on the market after 20 years of owning and operating the business.
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The iconic venue has hit the market for the first time this century and, according to the selling agent, there has already been interest in the freehold property and business of around $13 million.
Mr Finning and his wife Mary bought the then run-down pub in 1999 and transformed back into the icon of Ballarat.
They have been hailed around the state for the work and time placed into the pub which was the first in Ballarat to be granted a liquor licence back in 1853.
Mr Finning said family commitments, which he would not go into specific details about, had forced his decision - something he admitted he had wrestled with over a number of months.
"The reason I decided to invest in Craig's Royal is I see the Ballarat region being among the strongest tourist regions in the state," Mr Finning said.
"I had been spending four to five days a week in Ballarat since the renovation but my current situation means I'm not there as often as I used to be. We have a wonderful team, the business is flourishing and now a purchaser can continue the business to grow.
"When I took it on, there was a likelihood it might have been converted into apartments. In hospitality you never stop improving and investing.
"But this is now one that is fully redeveloped inside and a new owner can walk straight into."
The sale of Craig's Royal Hotel is the fourth iconic Ballarat venue to hit the market in recent times. The Bluestone, The Miners Tavern and The Pub With Two Names have all recently been listed.
Australian Hotels Association Victorian president David Canny, who also operates Ballarat's Red Lion, said the work of Mr and Mrs Finning should never be forgotten in this city.
He said it was a coincidence that four iconic venues were now on the market, saying that all listings had come on the market in different circumstances.
"Obviously you hope someone comes in and sees pubs are a really important part of Ballarat life," he said.
"Craig's is iconic and the Finning's have produced an outstanding result. It's now time for the next generation of hoteliers to come through."
The Melbourne Racing Club was formed there, as was the Ballarat Horticultural Society. In 1855 the Royal Commission into the Eureka Stockade uprising was held at the hotel.
Dame Nellie Melba performed from Craig's balcony and Mark Twain stayed several nights while on a speaking world tour.
JLL's Hotels and Hospitality Vice-President Will Connolly is the exclusive agent for the sale.
"This really is a hotel like no other," Mr Connolly said.
"The buyer will be purchasing a brand rather than a hotel, perhaps someone who is looking for a flagship property."
Expressions of interest will open on November 6 and close on December 5.
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