The Prince of Wales Hotel, a historic pub in St Kilda, Melbourne, has been listed for sale by the Jackalope Group.
The 1920s corner hotel, which was purchased by the Jackalope Group in 2015 for $45 million, recently underwent a multimillion dollar refurbishment.
The freehold investment is being sold subject to an existing long lease with the Melbourne Pub Group owned by the Ryan Family who also own and operate Mitchelton Estate and Hubert Estate in the Yarra Valley.
Located on the corner of Acland and Fitzroy Street, the hotel comprises a street bar, an award-winning dining room, 39 boutique hotel rooms, a bakery with an adjoining retail outlet, a Euro-inspired wine store and a function space with an indoor pool as well as a multi-level car park.
CBRE’s Scott Callow and Nathan Mufale are managing the sale on behalf of Jackalope Group via an Expression of Interest campaign closing on 27 September 2023.
“Having been involved in the hotel’s last two transactions, I’ve never seen it in such wonderful condition,” Callow said.
“It’s a unique offering which we’re expecting will attract trophy investors looking for something quite special to add to their portfolio.”
Mufale added: “The offering provides a multitude of value-add opportunities with the ability to capitalise on 360-degree views across to Port Phillip Bay and the Melbourne skyline, meaning there is huge potential for the incoming purchaser.”