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. Interest from local buyers Ryan Earl, the owner and a broker with Carve Real Estate, says there has been more interest in the property after the price was lowered, with most potential buyers being based in Ottawa. “Whoever the buyer is, whatever type of buyer it is, would likely keep it the same, given the history, given its heritage. It’s an institution in Ottawa, Little Italy,” Earl said. Earl says sales at the establishment remain impressive but says new ownership could give the bar a much-needed facelift. “Given that [the current owners] do run it hands off, there are likely more local restaurant groups that could probably do a better job of doing that, giving the Prescott the hands-on ownership and love and blood and sweat that could take it to the next level and to where it used to be,” he said. With files from CTV News Ottawa’s Dylan Dyson
