Melbourne, 20 November 2014 – The iconic Mentone Hotel in South East Melbourne has been listed for sale with CBRE Hotels.
The Mentone hotel, located at 95 Beach Road, is a prominent landmark building with a unique 1880s heritage. Sitting on a high profile corner, the property overlooks Port Philip Bay and is next to Mentone Girls Grammar School and St Bede’s College, approximately 20 kilometres south of Melbourne's CBD. The hotel is located in close proximity to the Warrigal Road intersection, providing access to the major arterial road Nepean Highway, with a bus station outside the property and Parkway Station just 1km away.
The building owner, Leawarra Falls Pty Ltd, has owned the property for 21 years. For the last eight years Open Door Pub Group has successfully operated the business. This arrangement will conclude on 17 November. At this time the hotel will close and CBRE Hotels’ Scott Callow and Joseph Du Rieu, and CBRE City Sales agent Mark Wizel, have been appointed to sell the property.
The Mentone Hotel will be offered to the market through a public Expressions of Interest campaign due to close early in December.
The Hotel incorporates a ground level bar with seating area, restaurant, outdoor courtyard with bar and first floor function room with three bars. The external architecture has been retained along with many of the internal features, in particular the main staircase. The property also has on-site parking for 85 vehicles. The strategic land holding of approximately 5,100m² offers dual frontages to Beach Road and Mentone Parade of more than 100 metres each.
The City of Kingston Planning Scheme recognises the site under a site specific Heritage Overlay, HO 77. General Manager of Property for Leawarra Falls Pty Ltd Matthew Hogg welcomes recent calls for the Hotel to also be included on the Victorian Heritage Register. “The historic building will and should be preserved as part of any hotel refurbishment or future development”.
Scott Callow said; “Melbourne's hotel investment market has remained strong over many years and we expect to see great interest from both hotel operators and developers. Many traditional corner pubs on high profile sites have been sold with alternative uses in mind but the strong trading history of The Mentone Hotel makes this a unique offering.”
“The highly strategic land holding provides an opportunity to remodel and reposition the venue or potential develop a refined residential offering within the historic structure,” Mr Callow added.
“Hotels on prime sites continue to provide outstanding investments. Given the closure of the Mentone Hotel it is expected that the property will have strong interest driven from developers and hotel operators seeking to capitalise on the large site and the prime location.” Mr Wizel added.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website atwww.cbre.com.au.