Brighton’s Marine Hotel gains $2.8 million in 12 months
Brighton’s landmark Marine Hotel has been sold to a Chinese mainland buyer for almost $3 million more than it fetched at auction just last year.
A mystery offshore party has forked out $15.8 million for the rare 4730sq m property on the corner of New St — eclipsing its $13 million 2016 sale price.
CBRE director Mark Wizel told the Herald Sun in April the short-term owner had decided to try and capitalise on strong demand for land in the sought-after bayside locale.
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It paid off hugely when offers closed on a private expressions of interest campaign last month.
The site’s new owner topped offers from high net worth local families and prominent property players with the hefty sum.
The prominent Marine Hotel corner site was sought-after by high profile property industry figures.
“The Marine Hotel’s prominent corner position in the heart of Brighton attracted a significant amount of interest — both locally and offshore,” Wizel says.
Quick decision: Deja vu as Brighton’s Marine Hotel to sell again
“We were delighted to see such wide ranging interest in the investment, which translated into a number of offers and a shortlist of four parties.”
The property is zoned neighbourhood residential, which allows for development up to two storeys and 9m in height.
Wizel previously said buyers could work with the existing tenant to potentially unlock the land over time to make way for luxury residences or an aged-care facility.
It is not clear what the new owner’s plans are for the site.
This article from The Herald Sun was originally published as “Brighton’s Marine Hotel sells to Chinese buyer for $2.8 million more than vendor paid last year”.
