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A HUGELY sought after landholding in Melbourne's Albert Park has been bought for $18 million by mainland Chinese investors.
Albert Park's Beach Hotel, one of Melbourne's most popular drinking spots, and the neighbouring Foodworks Supermarket is situated directly across Port Phillip Bay.
The hotel, which is four kilometres from the Melbourne CBD, was built in the 1880s and was perhaps made famous as a disastrous 2007 investment by Collingwood Football Club, and its president Eddie Maguire.
CBRE's Scott Callow, who negotiated the deal, says the property was hotly contested thanks to its prime position.
"Located in the heart of Albert Park, The Beach Hotel and neighbouring Foodworks service a prosperous inner bayside suburb of established families and independent young professionals," says Callow.
"The affluent suburb is earmarked for future residential development, which will ensure this venue is well positioned to benefit."
The venue has undergone significant refurbishment to feature an outdoor courtyard, function spaces, bar and dining rooms, and guest rooms on the second level.
Business News Australia
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