Van Haandel Brothers to Sell St Kilda’s Prince of Wales For $20 Million

MILLIONAIRE restaurateurs the van Haandel brothers will pocket close to $20 million from the sale of St Kilda’s iconic Prince of Wales Hotel, at the corner of Fitzroy and Acland streets.
 
A Sydney-based consortium is in exclusive due diligence to buy the massive 4,200 square metre site, sources say, which is configured as a collection of swank bars, restaurants and a hotel, and offers high rise residential redevelopment potential.
 
Any Prince of Wales sale comes 18 months after a high profile split between Frank, and his brother and business partner, John, with whom he bought Prince in 1995 for $4.3 million, before immediately undertaking a $2.5 million renovation.
 
Frank retained two restaurants at the nearby Stokehouse as part of that divorce, while John retained the $65 million Byron Bay Beach Hotel – a purchase made shortly before the 2007 split.
 
The Netherland-born brothers have since separately operated hospitality ventures including Carousel on Albert Park Lake, and  Longrain, Comme and Mr Tulk, in the CBD.
 
Ownership of the Prince of Wales however, has been shared. The property has loosely been on the market since early last year, sources say.
 
Jones Lang LaSalle selling agent Matt George, who was marketing the Prince of Wales, declined to comment on any part of the deal when contacted by The Age. A representative from the van Haandel family did not return calls.

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Marc Pallisco

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

Marc Pallisco

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