Becton to Sell Beaumaris Pavilion Hotel, a Year After Buying it

Becton is hoping to break-even from the sale of a prime waterfront development site it fought dozens of developers to buy last year.

The Melbourne-based, ASX-listed developer and fund manager bought the 119-year old Beaumaris Pavilion Hotel on Beach Road, for $11 million last July. It was part of a $28 million portfolio of assets Becton bought with the intention of turning into aged care accommodation.

Sources expect the Beaumaris Pavilion Hotel to fetch about $11 million this time around, and possibly wind up in the hands of a residential developer who may propose apartments, a serviced apartment complex or both. Aged care is also a development option.

Redevelopment would offer postcard views over Keefers Cove and Beaumaris Bay.

However Becton disagrees it's a view the aged would pay for.

Confirming it will sell the asset, Becton describes the Beaumaris Hotel as “non core” and says it will focus its attention developing aged care units on the former Reg Hunt car yard site in Dandenong Road East Malvern, and the former Tudor Court Reception Centre in Caulfield North.

Further up Beach Road, toward the city, developer Peter Gillon is redeveloping the former Hampton Rehabilitation Hospital into a 4-level, 70 unit apartment project.

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