St Kilda: Iconic Prince of Wales Hotel hits the market with ‘huge potential’
The Prince of Wales Hotel is on sale.
The iconic Prince of Wales Hotel in St Kilda is up for sale and expected to sell for $50m+.
Melbourne hospitality business Jackalope Group purchased the property in 2015 for $45m and have since done a multimillion-dollar refurbishment to the 1920s venue.
The historical hotel is being sold subject to an existing long lease with the Melbourne Pub Group, who also operate Mitchelton Estate and Hubert Estate, which are all owned by the Ryan Family.
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CBRE’s Scott Callow and Nathan Mufale are managing the sale on behalf of the Jackalope Group.
Mr Callow said Jackalope Group had renegotiated new long leases with the Melbourne Pub Group and were looking at other opportunities.
“It’s a unique offering which we’re expecting will attract trophy investors looking for
something quite special to add to their portfolio,” Mr Callow said.
“We’ve certainly had inquiry from some pretty significant players both here and interstate already.”
He added that the Melbourne Pub Group may be interested in talking with the next owner about further development of the property.
A street bar, dining room, bakery, adjoining retail outlet, wine store, function space, indoor pool, multi-level parking and 39 boutique hotel rooms will all go to the next buyer as part of the sale.
Situated on the corner of Acland and Fitzroy St, the Prince of Wales Hotel expression of interest campaign closes September 27.
The Prince of Wales Hotel was last sold in 2015 for $45m.
Mr Mufale said there was huge potential for the incoming purchaser.
“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,” Mr Mufale said.
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