Developer digs deep for ex-Marine Hotel
The Buxton family’s retirement living arm has snapped up Brighton’s former Marine Hotel, behind the Church Street shops, for a bullish $22.65 million.
The 4670 square metre holding at 199-215 New St, on the south west corner of Park, was a surprise development site listing in February, coming shortly after the former pub operator ended a long lease which would have tied up the property’s use as hospitality for decades.
The vendor bought it in 2017 on that basis – paying $15.8m.
That seller, the Catalfamo family, paid the Zagame family – former operators – $13m in 2014.
Buxtons buy up more of Brighton
Long time Brighton locals, the Buxtons own two local high-end retirement living facilities – The Granton, at 233 New St, almost next door to the Marine Hotel, completed five year ago, and The Crescent, constructed over 20 years ago as a Rylands – a brand the family sold to Stockland in 2008.
Late last year the group, which nowadays uses the retirement living brand One to Another, launched a luxury project, The Trentham, at Sandringham (story continues below).
The 199-215 New St site is expected to make way for a multi-level facility.
Vinci Carbone’s Joseph Carbone and Frank Vinci with Gorman Commercial’s Stephen Gorman and Jonathan McCormack brokered the sale.
Seven offers came in following the close of an expressions of interest campaign on March 21, they said, with it trading days later.
The result was against $18m-plus price hopes.
Subscribe to our newsletter at the bottom of this page.
