Ascot Vale’s Laurel Hotel sells for $3.32m

Ascot Vale’s Laurel Hotel sold at auction on Thursday for $3.32 million.

The Mount Alexander Road site spreads 1167 square metres.

It was sold as an investment with a five year lease.

With options, the occupier can stay until 2027.

Based on the present return ($187,200pa), the price reflects a 5.6 per cent yield.

CB Richard Ellis Hotels’ Scott Callow was the agent.

Near the Laurel, the Church of Scientology is building a headquarters at the historic former Sisters of Mercy College.

The Ascot Vale Tram Depot is opposite that.

Elsewhere in the area, Coles recently completed a shopping centre on what was until recently a piece of the Royal Australian Showgrounds/public land.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of