The Beach Hotel on Beaconsfield Parade is one of the larger pub sales to take place this year. The 1,662 square metre building includes a bar with 38 poker machines, restaurant, function room, courtyard and 11 accommodation rooms.
At a sale price of $11 million, and returning $830,000 per annum in rent, the hotel sold on a yield of about 7.5 per cent.
Kelemen Commercial director Andrew Egan confirmed The Beach Hotel sold when contacted by Capital Gain, but declined to elaborate on any part of the deal including buyer or price.
In nearby South Melbourne, the Limerick Arms Hotel in Clarendon Street also sold this week, for $2.8 million against a reserve of $2 million. CB Richard Ellis director Scott Callow said the property sold to a private hotel investor on a yield of 4.67 per cent.