WITH three offers on the table the Gallery nightclub is expected to have a new owner by the end of the week.
The Timor Street nightclub and its highly-sought 3am licence was recently put on the market for the first time in 25 years, with expressions of interest closing last Thursday.
Terry Board, managing director of hotel brokers TJ Board & Sons, previously estimated the freehold and business could sell for about $3 million.
“We had a lot of inquiry and finished up with three expressions of interest,” he told The Standard yesterday.
“At the moment we’re dealing with three parties and we hope to make a decision within this week. We hoped there might’ve been a few more but three is not too bad in the current climate.
“It’s not so much a bidding war — they’re all different offers in terms of conditions so we have to work through the conditions of the sale. I don’t know if the offers are local or from Melbourne because we’ve been dealing with their accountants and solicitors.”
TJ Board & Sons was also involved in the sale of the Victoria Hotel precinct earlier this year.