A HISTORIC tavern in Redesdale could fetch upwards of $1million, according to the broker.
The Redesdale is on the market after closing its doors two weeks ago.
Broker in charge of selling the pub, Peter Moore, said the restaurant had tried to go a little too upmarket, and ultimately failed to turn a profit.
He said the previous tenant had targeted the wrong market in his attempt to provide a fine dining gastro food menu.
“What has happened is that people didn’t really want that type of food,” he said.
“It was still busy. But the profit margins weren’t as strong as they could have been.”
Mr Moore said the 19th century building was a ready-made restaurant for people looking at a new business venture.
He said he had already fielded a few interested buyers and was hopeful of selling it for $1 million or more.
“It would be a great lease for a chef,” he said.
“The ideal person I think is a husband and wife team with a cooking background… The price is probably a bit up there for something that’s closed. But it’s been left in a great condition and it’s ready to go pretty much straight away. You would just have to walk in and turn the lights on.”
Mr Moore said The Redesdale was in a convenient position between Kyneton and Heathcote.