A hotel into a home for $2.7M

A piece of Castlemaine’s history on the market for $2.7 million is expected to set a new city price record when it finds a buyer.

The Empyre Hotel at 68 Mostyn Street, Castlemaine, was first established in 1860 as the Albion Hotel, and while it’s still a hotel today, that’s not all it could be.

Jellis Craig agent Jeremy Bottomley says the property could be continued as a commercial venture, run as a B&B, or even transitioned into a private home. 

“Prior to 2005 it was a private residence slash B&B, then it was renovated and became what it is now,” Jeremy explains. “It’s being sold as is – all the furniture and fit out included.”

That furniture includes antique carved beds, quality English carpets and window dressings, chandeliers, marble baths, and a fully equipped commercial kitchen.

The Empyre has been described as a melding of old-world charm with contemporary glamour, and it’s easy to see why. Classical features like elaborate rosettes and cornices, casement windows, mantles and wallpaper can be seen in each of the eight bedrooms and the plush lounge rooms. 

As for the commercial areas, the Empyre bar has had a recent rejuvenation to feature the original street entrance, and added on a glamorous cocktail lounge. 

The commercial kitchen comes fully equipped, with adjacent storage areas and not one, but two cellars – including a wine cellar!

A building this old will be filled with history, and maybe a legend or two. For the Empyre, that legend comes in the form of a story set in the 1850’s, with a tunnel connecting one of the building’s cellars to the Theatre Royal, allowing men to seek out ladies for illicit trysts. Jeremy can neither confirm nor deny this rumour.

“There is the bricked up shape of a tunnel in the cellar, and many people speculate, but I can’t confirm – I wasn’t around back then!”

Just 90 minutes from Melbourne, Castlemaine’s historic Empyre is attracting plenty of attention, but the owners are reportedly content to wait for the buyer who will match their $2.7 million price tag. 

“They’re happy to wait for the right buyer,” Jeremy says. “But it’s already been receiving strong interest from private and commercial buyers.

“Investors like to see the numbers, and Empyre has been performing well even with COVID. The business is set and ready to run.

Address:

The Empyre
68 Mostyn Street Castlemaine VIC 3450

Agent:

Jeremy Bottomley – 0433 772 033
Jellis Craig Castlemaine

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