The for-sale sign is hanging on The Prescott, the legendary bar and restaurant in Ottawa’s Little Italy neighbourhood. A listing on Carve Real Estate shows The Prescott on Preston Street is for sale, with a listing price of $499,000. “Originally opened in 1934 as The Prescott Hotel on Preston Street, this iconic hospitality business has become one of the city’s best-known sports bar and entertainment destinations,” the listing says. “Featuring The Porch on Preston rooftop patio, widely regarded as one of Ottawa’s top patios, this is a rare opportunity to acquire a historic and highly profitable hospitality venue with deep roots in the local community.” The 10,000 sq. ft. business is licensed for 600 patrons, including the rooftop patio. According to the listing, the lease rate of $34,100 gross rent has “lots of term remaining.” “The property features a full commercial kitchen with large hood systems and walk-in refrigeration, allowing for high volume food and beverage operations, events, nightlife, and entertainment programming,” the listing said. “The business is available with training or can be converted into a different concept, cuisine, franchise, or entertainment venue.” The Prescott initially went on the market earlier this year for $699,000, but Realtor.ca shows the price was reduced in August to $499,000.
