Waterfront hotel and celebrity hotspot could sell for $18m
Port Melbourne’s Pier Hotel has hit the market for the first time in 23 years.
A waterfront Port Melbourne pub where a slew of local celebrities partied last month has hit the market for the first time in 23 years.
The Pier Hotel, found on a prime waterfront spot on the corner of Bay and Beach Streets, could sell for about $18m as current owner David Cambridge gears up for his next project.
Currently stretching across two levels and boasting a recent external renovation, the Pier also has an approved permit for prospective publicans to expand the venue with a third level — including a rooftop bar overlooking the bay.
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The Port Melbourne watering hole was recently the site for the respective 60th birthday bashes of AFL personalities Ricky Nixon and Warwick Capper, who initially feuded over who would host the superior party.
Nixon’s celebrations on July 8 saw appearances from the likes of Wayne Carey and Sam Newman, while Capper’s function the following week included music performances from Shannon Noll, Boom Crash Opera, Taxiride and Brian Mannix.
The high-profile venue includes multiple function rooms, a large public bar and dining area, and fully-fitted commercial kitchen.
JLL’s Hotel Investment Sales vice president Will Connolly is handling the sale alongside Lachlan Persley and Jesse Radisich.
The pub is in a prime waterfront location in Port Melbourne.
AFL personalities Ricky Nixon and Warwick Capper recently held their respective 60th birthday bashes at the Pier.
The group are currently fielding early offers, however sources suggest the pub will sell for about $18m.
Mr Connolly is already seeing a “huge amount of attention” for the site and recalled the recent notable sales of the Lorne Hotel and Rye Hotel as examples of the demand for this type of offering.
“It’s clear that in recent times, beachfront pub assets have had the ability to conjure a highly emotive investment response from the market,” Mr Connolly said.
“We expect the Pier to evoke just as strong a level of demand from operators on a national level, who identify the generational opportunity the asset provides.”
He added that Mr Cambridge felt it was a time to move on from the industry.
A rare offering by the beach.
It boasts multiple function rooms and a huge public bar.
“The Pier Hotel has been very good to David over his 23-year ownership and he has trusted us with the responsibility of presenting his much-loved asset for sale so he can move on to the next project,” the agent said.
The pub also holds a rare 3am general liquor license, offering buyers the opportunity to take it over as a late-night venue.
Mr Radisich added that it was not often for “iconic corner freeholds” with expansive water views to hit the market.
“The offering provides for a range of exciting repositioning and redevelopment options to capitalise on the position and the aspects,” he said.
Expressions of interest for the 1 Bay St address close at 5pm on August 30.
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