Chinese investors secure prime beachfront venue in Melbournes Albert Park
Chinese investors secure prime beachfront venue in Melbourne's Albert Park
| 11 April 2017
Melbourne’s waterfront Beach Hotel and neighbouring Foodworks Supermarket has been purchased by Mainland Chinese investors after a hotly contested sales campaign.
Located on a 1,712sqm landholding – in one of Melbourne’s most sought after areas, Albert Park - the Beach Hotel is a two-storey venue situated directly across Port Phillip Bay.
Built in the 1880s, the venue has undergone significant refurbishment over the years, to feature an outdoor courtyard, function spaces, bar and dining rooms and guest rooms on the second level.
Situated within 4km of the Melbourne CBD, the venue benefits from a prime corner position in the populous suburb.
CBRE’s Scott Callow and Mark Wizel marketed the sales campaign, which was strongly contested given the property’s prime position.
“Located in the heart of Albert Park, The Beach Hotel and neighbouring Foodworks supermarket service a prosperous inner bayside suburb of established families and independent young professionals,” Mr Callow said.
“This affluent suburb is earmarked for future residential development, which will ensure this venue is well positioned to benefit.”
Mr Wizel said the property attracted buyer interest from a wide range of local and offshore groups.
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