The Golden City Hotel in Ballarat Central is looking for a new owner.

It is set to go under the hammer, alongside some 20 high-value properties, at Melbourne’s Crown Casino on May 14.

Established in 1856, the Victorian building at 429 Sturt Street has been the city’s iconic pub.

So it’s no wonder the property’s commercial lease is expected to fetch a multi-million-dollar figure at auction.

The historic landmark is now listed for sale with a renewed five-year lease secured through to 2029.

Burgess Rawson agent Romanor Falconer said it was quite rare that the property had been well-maintained for 169 years.

“When you go through the property, it looks modern for its age. And it’s actually being renovated in parts [in 2014], such as the dining room,’ Mr Falconer said.

“There was $150,000 put into that renovation.’

Mr Falconer said the current net income would be about $388,589 per year.

“That’s taking off land tax.’

Mr Falconer said the Golden City Hotel’s price guide would be from $4.6 million to $4.8 million.

“That’s going to be the range, which equates to about 8.5 to eight per cent,’ he said.

Gwen Liu