Renovated South Melbourne hotel for sale
Another historic, sleekly renovated South Melbourne hotel investment has hit the market.
Also in Fishermans Bend, the country’s largest urban renewal precinct, the Golden Fleece at 120 Montague Street is expected to sell for over $4.5 million.
Developed c1870s, operated by Two Wrongs founders Isaac Constantine and Zachary Riggs, the Santorini inspired interior spreads 580 square metres over two floors.
The rooftop is also activated.
The revamp was completed in 2022.
The annual return is over $146,000 with fixed three per cent rent rises.
With options the occupier can stay until 2041.
Lemon Baxter’s Peter Sprekos and Tom Burley are the agents. An auction is scheduled March 12 (continues below).
The same seller has also listed a Dundas Place, Albert Park, retail investment leased to restaurant Pony Boy.
Centre of urban renewal precinct
A short walk to South Melbourne Market and the light rail, the Golden Fleece sits in Fishermans Bend’s Montague precinct, about three kilometres south west of the CBD, the agents said.
“Under the Fishermans Bend Framework, the Montague precinct is earmarked for significant long-term growth, with a focus on mixed-use development, increased residential density, employment generation and supporting social and transport infrastructure,” they added.
“This progression is expected to drive population growth and increased daily activity within the precinct, supporting ongoing demand for hospitality and service-based venues,” according to the executives.
The listing comes six months since we reported Saxon Group, led by former CUB executive Peter Filipovic, with Dave Shannon and Merv Shannon, acquired the freehold going concern of the suburb’s Bells Hotel, on the corner of Coventry and Moray streets, offered for the first time in over a decade.
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