Ballarat’s $3m gold rush Coffee Palace is up for grabs but at what price
A historic Victorian coffee palace with a gold rush past and a $3m price tag is up for grabs - but what might it become next?
A grand Ballarat icon with a gold rush past and $3m price tag is up for grabs, with the heritage-listed Reid’s Coffee Palace hitting the market.
Built between 1886 and 1888, the four-storey landmark was originally a premier accommodation house and coffee palace, positioned next to Ballarat Train Station at the height of the regional city’s boom.
The 1,450 sq m building at 124-128 Lydiard St North features 60 accommodation rooms, four kitchen areas, and four ground-floor tenancies on a 922 sq m landholding.
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Colliers Ballarat senior executive Lauchlan Waddell said the property had already attracted strong interest from owner-occupiers who see its prime location and redevelopment potential.
“We’ve had a mixture of inquiries from different types of operators, but the strongest interest has come from owner-occupiers who see the potential in the building and its prime location in Ballarat’s CBD,” Mr Waddell said.
While heritage protections apply, a major restoration between 2017 and 2018 — funded in part by the Living Heritage program — reinstated many of the building’s original architectural features.
Mr Waddell said the property could suit a range of high-end uses, provided they aligned with Heritage Victoria regulations.
“Any transformation would need to be aligned with heritage regulations, but there’s certainly potential for high-end hospitality, boutique accommodation, or a unique commercial offering,” he said.
The sale comes as Ballarat Train Station undergoes a $50m upgrade, improving accessibility.
The Colliers Ballarat senior executive said the property was unlike anything else in Ballarat’s commercial market.
“There’s not much you can directly compare it to Reid’s Coffee Palace is one of a kind—a heritage landmark, large-scale building, and significant landholding all rolled into one,” Mr Waddell said.
“We expect a considered approach (from buyers) rather than a highly competitive auction-style sale.”
With a price guide of around $3m, the property is being sold via expressions of interest, closing March 12 2025.
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Originally published as Ballarat’s $3m gold rush Coffee Palace is up for grabs but at what price
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