The art deco hotel, at the corner of Commercial Road, was recently incorporated into a $200 Chevron apartment development comprising about 265 apartments and ten retail shops.
Occupants at the Chevron apartments, which have been reported to includes Dannii Minogue and Melbourne footballer Cameron Bruce, moved into the complex earlier this year.
The most expensive shop to sell was leased to TAB, for six years with two five year options. The 148 square metre property sold for around $1.6 million, reflecting a low yield of 4.48 per cent.
Other shops, leased to restaurants Rice @ Chevron, Beluga and La Colline, also sold at yields of around 5.0 per cent.
CB Richard Ellis senior manager retail investment properties, Mark Wizel, who marketed the property with Colliers International, said a portfolio for the last five Chevron shops, including stores leased to convenience store 7/11, and eateries Shuji Sushi and Nandos, will be put to auction next week.
Despite the remaining five properties being offered in the EOI campaign, demand for each of the properties was easily strong enough to command that these properties be put to the public through an onsite auction, said Colliers International associate director Matthew Stagg.
Combined, the remaining five shops are expected to sell for more than $7 million.