If you live in Port Melbourne, or ever strolled along Beach Street and thought you saw the end of the Sandridge Hotel you are mistaken.

Melbourne’s newest and biggest multi-purpose accommodation facility was launched in Preston this month.

A development company affiliated with Toll Holdings managing director Paul Little says it is deciding a new future for a prominent but unattractive 11-level South Yarra office building it bought for $33 million in September last year.

Stockland will cut its losses and sell a portfolio of near-new industrial warehouses for about 15 per cent less than the price it paid two years ago.