Prominent Pubs, and a Western Suburbs Development Site, Offered in $80 Million Portfolio

The Grosvenor Hotel in nearby St Kilda is expected to fetch about $6 million, about the same price as Beach Road’s Mentone Hotel which is on a massive 5103 square metre waterfront site.

The Mentone asset is near the Beaumaris Pavilion which local developer Becton sold to footballer Sam Gilbert for $9 million last year and which has just reopened after a renovation.

As well as pubs, the portfolio will offer two Victorian motels, including the recently refurbished Urban Central, which rises beside the West Gate Freeway at 334 – 338 City Road in Southbank. With 121-rooms and 472 beds, the six-level building is on a 1625 square metre block, and is expected to sell for about $17 million.

Byron Bay’s Wollongbar motel, with 22 rooms and in busy Shirley Street, is expected to sell for about $6 million. It’s the only non-Victorian property being offered.

The other properties include two industrial sites in Brooklyn, and a major 17.5 hectare Altona North property, a residential-development-site in waiting.

This Kyle Road site, expected to fetch $25 million, is opposite the former Bradmill factory, in Yarraville, which it was recently announced would be redeveloped into a $1 billion mixed use village that will have some 1000 homes and new workplaces.

Vinci Carbone’s Frank Vinci and Joseph Carbone, with CB Richard Ellis’s Walter Occhiuto and Scott Callow are marketing the assets for the private investors who are reweighting their portfolio.

 

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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