Chinese developer pays $20m for Brighton International
An apartment development, townhouses, commercial properties or a mix of all three is on the cards for renowned Brighton reception centre The International, after a Chinese developer bought it for more than $20 million.
The locally-based buyer with Chinese connections saw off heated competition for the prized Melbourne bayside asset, paying $20.06 million to secure the property at 81-89 Bay St.
The current owner is an owner-operator who has run the popular wedding and function venue for the past 25 years.
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But marketing agent Clinton Baxter, who brokered the deal along with Savills colleagues Nick Peden and Jesse Radisich, says the time was right to sell.
The business is expected to continue operating as reception centre for now, he says.
“The vendor has chosen to take advantage of the strong market for major suburban landholdings but the business will continue trading as-is for the foreseeable future.”
“A multitude of offers was received and, following a highly competitive negotiation between several prospective buyers, the property was sold unconditionally to a local private developer with Chinese connections.”
The International’s site spans a substantial 4100sqm, with the building occupying 1700sqm. Zoned as ‘Commercial 1’, Radisich says the future options for the property were many.
It is “perfect for the development of a mix of apartments, townhouses and commercial premises”, he says.
“Opportunities to purchase more than an acre of commercially zoned land in Brighton are exceedingly rare and hotly contested when they are placed on the market.”
“The International is synonymous with Brighton, and all of the interested parties were desperate to make a statement with this once-in-a-generation offering.”
Existing bookings at the reception centre will still be accommodated and honoured, through an extended settlement period.