George Saade lists five shops built into Prahran’s former Station Hotel

One of the Greville Street stores, measuring 96 square metres, is leased to 365 Plus.

Private investor George Saade has listed five shops built into the ground floor of Prahran’s former Station Hotel.

Returning total annual rent of $442,769, the portfolio, branded The Greville Street Collection, is expected to sell for about $8 million.

Individually, the retail investments at 92-106 Greville Street carry price guides of between $500,000 and $4 million.

Melbourne Acquisitions’ Dominic Gibson and James Latos with Allard & Shelton’s Michael Ryan and Joseph Walton will auction the properties separately on March 25.

Mr Saade paid the Liberman family $4.5 million for the double storey Prahran hotel in 2007.

The builder closed the venue in 2012, and between 2013 and 2015 constructed and sold down an apartment complex on part of the block.

The pub, built in 1904, was refitted as retail and leased out.

Prahran is about six kilometres from the city.

In the immediate area, Little Projects in 2018 teamed with the owner of a brick warehouse at 17-22 Grattan Street, opposite Grattan Gardens, to propose a seven-storey residential building with 55 dwellings.

A $60 million park, Prahran Square (pictured, bottom), also opened recently, nearby.

Replacing the Cato Street car park, which was sunk underground, the public space includes nine zones designed to cater for gatherings of various sizes, a central square with water feature, themed gardens, feature seating and retail and hospitality spaces.

The Greville Street Collection

Next Practice Prahran pays annual rent of $244,000 to occupy a 337 square metre space.

Opposite Prahran train station, on the south east corner of Porter Street, the Station Hotel retail investments are walking distance to Chapel Street.

Specifically, they include:

  • Tenancy 1 and 6: covering a total of 337 sqm, with a car park and rented to Next Practice Prahran which pays annual rent of $244,000;
  • Tenancy 2: an 85 sqm area tenanted to Pizza Hub, which pays $62,100 pa;
  • Tenancy 3: spreading 96 sqm, and with two car parks, is leased to 365 Plus which pays annual rent of $80,596;
  • Tenancy 4: a 57 sqm space with a car park. Urban Express Tobacconist pays annual rent of $30,000 for this shop, and
  • Tenancy 5: of 49 sqm, leased to Pisces Floral Studio at a current annual rent of $26,000.

As part of the lease agreements, the occupiers pay GST and outgoings.

The Prahran investments (marked) are about six kilometres from the Melbourne CBD.
The hotel was built in 1904 at the south east corner of Greville and Porter streets, opposite Prahran train station.
The former Cato Street car park recently reopened as a $60 million community space, Prahran Square.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco