Iconic Sydney music venue The Vanguard is up for sale, despite the fact “business is booming”.
Located on Newtown’s King Street, in the inner-west, the venue has hosted many leading Australian and international artists since 2003.
It is currently marketed by Manenti Quinlan & Associates, who explained the sale is a “reluctant one”.
“This is a genuinely reluctant sale,” MQ & Associates’, Craig Lennard, said.
“Business is booming, but the current owner is a senior medical practitioner who doesn’t have time to take the venue to the next level.”
Whomever takes over ownership is set to inherit a full roster of acts over the coming months.
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The venue is fully-booked with gigs and private functions until August.
“The sale of The Vanguard is a fantastic opportunity for someone wanting to own a piece of Sydney’s music history and shape the future of the city’s music scene,” Lennard added.
As it has a late night licence (ETA), The Vanguard permitted to trade until 1am Thursdays through Sundays.
It also holds a primary service authorisation (PSA), meaning customers can enjoy drinks without buying a meal.
“The Vanguard is on the market as a freehold going concern, which means the buyer is purchasing the land and building, the business (which is fully managed), equipment and all licences,” Leonard Bongiovanni, at MQ & Associates, said.
The stage has hosted many famous names, such as Elvis Costello, Diesel and Russell Crowe in his band 30 Odd Foot of Grunts.
The sale of the Newtown venue comes a couple of months after the landmark pub Oaks Hotel at Neutral Bay was sold for up to $150 million.
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