Melbourne’s famed Commercial Hotel has sold with vacant possession for $2.5 million.
Positioned on Whitehall Street, Yarraville overlooking the Maribynong River in Melbourne’s West, the hotel sold to a local value-add investor who plans to refurbish the current improvements and re-lease.
Mr Mufale said the Westgate Tunnel, which is opposite the hotel and currently under construction, is a good indicator of future growth for the location and helped instill confidence in prospective buyers.
“Our campaign was focused on achieving the widest local, interstate and international exposure to ensure that we achieved the strongest result of our vendor,” Mr Mufale said.
“When Yarraville’s Commercial Hotel closed its doors earlier this year it signified the end of one era and the beginning of the another. This is a strong result for Yarraville and the product of the diverse experience in selling alternative and strategically located assets in Melbourne suburbs,” Mr Wizel added.
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