Scare of the Dog for Bar entrepreneur
On July 4 the 49-year-old businessman, who just before Christmas had a tumour removed, will start downsizing his portfolio from five businesses to one.
The Dog's Bar at 54 Acland Street is the highest-profile asset to go.
Since buying the bar from Lion Nathan in 2001, Mr Carruthers spent eight years acquiring the strata-titled, individually owned apartments that form the upper levels of the three-level building.
He had planned to refit the building's rooftop for art and music events. Reconfiguring the residential component into boutique hotel suites or extending the bar were other possibilities.
"It's pretty clear my body is trying to send me a subtle message and it's time I started listening," Mr Carruthers said. "It's telling me I'm not 26 and invincible any more.
"In December I will have clocked up 12 years at Dog's Bar," he said. "During those years I've built our arts calendar to a crazy 500 events per year and been able to get heavily involved in my local community.
"My priorities have now changed, or been changed for me."
Gross Waddell's Andrew Waddell and Pride Real Estate's Margaret Duncan and Tony Pride said it was the first time the building had been offered for sale as a whole. It is expected to fetch about $8 million.
The Dog's Bar was opened in 1989 by the late Donlevy Fitzpatrick, who sold it to Lion Nathan in 2000.
Mr Waddell said Victoria had 2800 liquor licences when the bar opened. It now has about 25,000.
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Frequently Asked Questions about this Article…
The whole three-level building that houses The Dog's Bar at 54 Acland Street, St Kilda, is being offered for sale as a single asset. The sale includes the ground-floor bar and the upper-level strata-titled residential apartments that form the building.
Bar owner David Carruthers is selling the building as he starts downsizing his portfolio from five businesses to one. He cited health concerns — several visits to The Alfred hospital emergency department and a tumour removal late last year — as reasons for changing his priorities.
Brokers expect the building to fetch about $8 million when offered for sale as a whole.
The Dog's Bar was opened in 1989 by the late Donlevy Fitzpatrick. It was sold to Lion Nathan in 2000, and David Carruthers bought the bar from Lion Nathan in 2001. Carruthers has run the venue for more than a decade.
The building includes the bar at street level and individually owned, strata-titled apartments on the upper levels. Carruthers spent about eight years acquiring those strata apartments to consolidate control over the property.
Carruthers had planned several possibilities including refitting the rooftop for art and music events, reconfiguring the residential component into boutique hotel suites, or extending the bar — all indicating clear redevelopment potential for an investor.
Gross Waddell's Andrew Waddell and Pride Real Estate's Margaret Duncan and Tony Pride are involved in marketing the sale. They said this is the first time the building has been offered for sale as a single, whole asset.
When The Dog's Bar opened in 1989, Victoria had about 2,800 liquor licences. According to the article, that number has grown to roughly 25,000, indicating a much more competitive environment for bars and hospitality venues today.
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