Developer Gary Busuttil is selling a three level commercial asset constructed on the site of the London Hotel, which was demolished in 2017.
Expected to trade for over $9 million, the Ewart Leaf designed building, offered with the former pub’s 3am liquor licence, is being targeted to hospitality investors or occupiers wishing to capitalise on its position opposite the beach and Station Pier.
Office, retail or essential services businesses, like a childcare centre or healthcare group, could also occupy all or part of the 949 sqm space, which needs to be fit out.
Mr Bussutil paid $4.5m for the Port Melbourne holding in 2012.
The developer made headlines when he later decided to demolish the former two storey pub, developed in 1861 and extended between 1939-1941, as part of plans to construct an eight level apartment project behind it, facing Princes St.
Also in 2017, another St Kilda hotel, the c1853 Greyhound Hotel, at 1 Brighton Road, was razed after that site was permitted to make way for a seven storey residential complex and later sold (story continues below).
Multiple occupancy outcomes
JLL’s Will Connolly, Jesse Radisich and Tim Carr are marketing 92 Beach Street for Mr Busuttil.
“True waterfront venues are, and always will be, incredibly elusive to acquire, especially in the heart of one of Melbourne’s premier bayside suburbs and with operational advantages such as the already late night 3am liquor licence,” Mr Connolly said.
“This truly is an incredible opportunity for a hospitality operator to create one of the more spectacular Melbourne venues, with much of the physical work to the asset already delivered upon,” according to the executive.
Mr Carr added the building could make way for office accommodation, including as three whole floor tenancies.
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