Subiaco’s Vic Hotel, which has fought back to retain its post-football mojo with backpacker meal deals and cheap beer, is for sale and expected to fetch about $8 million.

The property owner and the pub operator are collaborating to test renewed optimism about Subiaco’s prospects with the lure of a walk-in, walk-out sale delivering future development upside to an owner operator.

CBRE’s Aaron Desange, Ryan McGinnity and Chloe Mason are selling the hotel, at 226 Hay Street, as a freehold going concern, with 2000sqm of land, a two-level building and all the business assets.

The Vic Hotel, first opened in 1898, has a big bar, open kitchen, restaurant and dining, alfresco and function space over two levels and 54 onsite parking bays.

It has been managed by operators including Black Toms and ALH Group and had a substantial renovation in the 1980s.

The pub received a big boost in publicity this time last year when the so-called ‘beer wars’ erupted among some licensed venues in Perth.

The Vic Hotel made the decision to start selling $3.50 pints in a bid to get more people through the door.

Mr McGinnity said the pub was at the centre of one of Perth’s most significant urban renewal projects, with the 35.6ha rejuvenation of Subi East, excitement about the soon-to-be redeveloped Subiaco Pavilion Markets and a new inner-city high school scheduled to open at the start of the 2020 school year.

“The Vic Hotel has been part of the fabric of Subiaco for more than 120 years,” Mr McGinnity said.

“It is well known because of its association with Subiaco Oval and it’s ready for repositioning within a new Subiaco.

“With strong investment appetite for quality pub assets in Perth, the freehold owners and the tenant have come together to capitalise on buyer demand.”

Ms Mason said the sale was significant because it was the first time a freehold going concern in the inner-city had been on offer for many years.

“We expect a huge amount of interest in this asset,” she said, adding that the private sector investment commitment by Blackburne Property Group in revitalising the derelict markets site was spearheading a revitalisation of the suburb.

Expressions of interest close on April 17.