Morry Schwartz, a property developer and publisher known for his Hungarian family's history in running taverns, has reopened the British Crown Hotel as Bar Nero in Collingwood, with plans to sell it rather than operate it long-term. Purchased for $5.65 million in 2019, renovations include a beer garden and polished floors. Schwartz Media publishes notable titles like The Monthly magazine and Quarterly Essay. Meanwhile, the area around Smith Street is seeing development, including new restaurants and residential conversions, with recent property sales indicating potential value increases for Bar Nero to over $6.6 million.
Written locally by qwen2.5:14b on 2026-10-02,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
The property developer and publisher, whose Hungarian forebears ran taverns, has reopened the British Crown Hotel – now renamed Bar Nero – at the southern end of Smith Street in Collingwood.
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forebears → run → Collingwood
But the move, which involved renovating the rear beer garden and polishing the concrete floors, is aimed at selling the pub, not running it.
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which → involve → it
“It’s fun,” Schwartz told Capital Gain about his publican aspirations, “but I’m a property developer and a publisher.”
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I → ’ → aspirations
He bought the pub at 14-18 Smith Street in 2019 paying $5.65 million, with plans to raze the hotel and build a 10-storey office designed by Denton Corker Marshall.
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He → buy → Marshall
But the tower was knocked back twice by the Victorian Civil and Administrative Tribunal.
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tower → knock → Tribunal
Schwartz Media publishes The Monthly magazine, the Saturday Paper, and a wide range of books and the Quarterly Essay through Black Inc. and is headquartered nearby on Northumberland Street.
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Media → publish → Street
The south end of Smith Street, long dominated by McDonald’s on the corner of Victoria Street, is undergoing a mini-renaissance.
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end → dominate → renaissance
Old commercial space is giving way to residential.
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space → give → residential
Records show Milieu paid $8.05 million for the 603 square metre site, which comprised the old Jesuit Social Services building at 1 Langridge Street and its neighbour at 8 Derby Street.
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which → show → Street
That’s $13,349 a sq m.
Carpe is also building further down Derby Street, having paid $10.6 million, or around $12,000 a sq m for 53-57 Cambridge Street in 2024.
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Carpe → build → 2024
If those land values hold, Schwartz’s pub could be worth more $6.6 million.
uncertain
pub → hold → ?
Stonebridge agents Max Warren, Nic Hage and Rorey James have the listing.
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agents → have → listing
Campus expands
Still in Collingwood, independent arts college Australian College of the Arts is about to expand, taking new space near its existing Cromwell Street campus.
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Campus → expand → campus
The college has signed a 10-year lease on 1240 sq m at 92 Rupert Street and a further 760 sq m at 73 Cromwell Street, paying $690,000 a year in rent for the adjoining buildings.
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college → sign → buildings
The college is also taking out extra space at 110 Cromwell Street, across the street, where its existing Animation, Screen, Media and Performing Arts programs are run.
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programs → take → street
The college has a large footprint in Collingwood and Fitzroy, as well as space in Waterloo in Sydney.
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college → have → Sydney
Gray Johnson agent Brett Simpson negotiated the deal.
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Simpson → negotiate → deal
“Collingwood has evolved significantly over the 30 years I’ve been in the industry and it’s now a major hub for business, education, arts and culture,” Simpson said.
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Simpson → evolve → business
The Punch Lane property leased to the Halim Group’s hot Indian restaurant Saadi is on the menu.
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property → lease → menu
The two-storey building at 18-20 Punch Lane faces a quiet courtyard, just around the corner from the Shark Fin Inn on Little Bourke Street.
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building → face → Street
It’s in a top east end spot, near several hotels, office towers and theatres.
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It → ’ → hotels
Records show Landream Australia paid $1.8 million for the building in 2012 – one of the smaller purchases it made during a big spending spree.
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it → show → spree
The developer dreamed very big with plans for several CBD skyscrapers.
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developer → dream → skyscrapers
But in the end, it made more money selling major sites from Collins to Franklin Street to North American developers such as Hines and Brookfield.
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it → make → Hines
Emmetts Real Estate’s James Rook, Charles Emmett and Xander Yeo are expecting around $3.5 million.
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Rook → expect → million
The Halim Group’s lease includes a landlord termination clause which opens the way for an owner-occupier to move in to the 263 sq m space.
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occupier → include → space
It turns out there’s yet more property to sell from the $100 million-plus Leo’s portfolio.
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It → turn → portfolio
The much missed continental supermarket chain was established by Leo and Rose Blake in 1971 but after Leo’s death, the family suddenly closed its three supermarkets in Kew, Heidelberg and Glen Iris and sold the freeholds.
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family → miss → freeholds
Other development sites adjoining the supermarkets – in Heidelberg, Mont Albert and Glen Iris – were part of the property portfolio.
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sites → adjoin → portfolio
The latest to hit the market is 1130-1144 Toorak Road, a 2203 sq m parcel of land, on the corner of Summerhill Road, which is next door Leo’s old Glen Iris supermarket.
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which → hit → Road
Coles paid $30 million for it last year and has already turned into its biggest Coles Local.
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Coles → pay → Local
The Toorak Road-fronting land is potentially worth up to $15 million.
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land → front → ?
LAWD’s Lukas Byrns and Henry Burbury have the listing but declined to comment.
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Byrns → have → listing
The portfolio has so far yielded around $100 million, although Orchard Piper and James Packer’s NPACT are yet to settle on the Kew site.
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Piper → yield → site
Mario Lo Giudice’s Banco Group paid $20 million for 133 Burgundy Street, Heidelberg and negotiations are under way for two further sites in Mont Albert and Heidelberg.
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negotiations → pay → Albert
Flagship servo
Petrol station investor and developer Konfir Kabo is offloading his flagship Woollert property in the outer northern suburbs.
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Kabo → offload → suburbs
Built in 2011, the Ampol at 250 Epping Road, was the first of 50 servos Kabo built over the past 15 years.
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Kabo → build → years
It’s on 3083 sq m of land and has been leased to Ampol Australia Petroleum since 2015.
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It → ’ → 2015
Ampol has exercised one of its five-year options, taking the current lease out to 2030.
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Ampol → exercise → 2030
It returns a total $516,737 a year in rent with a drive-through Smokin’ Joe’s Pizza & Grill also on site.
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It → return → site
…and 8 more, not listed.
The Aporia
