Parlour Wine Room is a Canberra institution. Photo: Parlour.
The iconic Parlour Wine Room in the heritage area of New Acton is on the market, with the owner “biting off more than he can chew” and struggling with the impact of the nearby light rail project.
The restaurant, wine bar and function venue also comes with the complementary downstairs bar, High Jinks.
Both will be offered as a ‘no reserve auction’, with the selling agent calling it a “rare chance for a seasoned hospitality professional to take the reins of one of the city’s most character-filled venues”.
The two venues are fully operational and a buyer could step straight into the businesses without doing a thing.
Owner Kevin Steadman was one of a number of business operators earlier in the year calling for a government lifeline to cope with the disruption caused by the construction of light rail Stage 2A on London Circuit.
Mr Steadman took over the two businesses in 2024.
He told Region in April that his trade was down 50 to 60 per cent compared with the same time last year under the previous owners.
Mr Steadman had been well aware of the potential disruption but thought it would be manageable.
“What I’m really seeing is Canberrans avoiding all of this,” he said.
Parlour sale is an opportunity for the right operator. Photo: Capital Commercial Business Sales.
Capital Commercial Business Sales agent Patrick Pentony said light rail work could be one of the factors behind the sale, but he believed people were now over the initial shock and getting used to what the city’s going to be like for the next few years.
Indeed, when completed, light rail would be an advantage for the new owner, as the area would be more closely connected.
Mr Pentony said Parlour was a Canberra institution with a beautiful setting for multiple functions.
“Parlour is already an established name in Canberra’s hospitality scene, and under the guidance of the right operator, it has enormous potential to thrive well into the future,” he said.
Mr Pentony said the connection with High Jinks downstairs was a big selling point, with its different trading hours offering flexibility for a new owner.
“They seem to be trendy, these sort of tucked-away little bars at the moment,” he said.
High Jinx Bar offers flexibility. Photo: High Jinks.
Although only just listed, there was already Canberra interest from those aware of the coming sale.
“We expect that there will be interested parties who are looking to take advantage of an opportunity,” Mr Pentony said.
“I think it’s said when people get nervous, it’s a good time to get greedy.
“There’s an opportunity for a good operator to get in and get an asset at below replacement cost.”
The venues offer a “vibrant mix of heritage charm and contemporary flair” and come with long leases.
The agency was working with the landlord to land a new operator with good hospitality experience for what is a great asset for Canberra, Mr Pentony said.
The auction is open to pre-qualified bidders only, and interest is expected from both local operators and interstate professionals keen to expand into the ACT market.
“There’s every chance it could be someone from Sydney or Melbourne who has a look at it,” Mr Pentony said.
“It is on the commercial real estate websites, and we do have buyers who come from all over Australia.”
The auction will be on site at Parlour on 26 October at 9 am.
