St Kilda’s The Espy listed with $70m price hopes as Carlton North’s Brandon Hotel sells
One of Melbourne’s most iconic pubs, The Espy Hotel, has now officially hit the market with jaw-dropping price expectations of $70 million.
The landmark freehold building is located directly opposite St Kilda’s popular foreshore, and includes a substantial multi-level building — which was originally built as a hotel in 1878.
The building underwent an extensive refurbishment in 2018.
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The Espy’s slick new interior revealed
The new-look Espy offers offer 12 bars, two restaurants and three music stages that are serviced by 250 staff, sprawling across five levels.
The new look Esplanade Hotel after its renovation in 2018.
Highlights include an all-weather beer garden with a retractable glass roof and ocean views, a 1970s-style Studio Bar that’s built around a podcast studio, and exclusive cocktail bar The Ghost of Alfred Felton.
Gorman Allard Shelton Director Joseph Walton described the venue as a ‘truly once in a lifetime investment opportunity.
“This magnificent piece of real estate is so quintessentially Melbourne and now represents an unparalleled opportunity expected to command the attention of the international market,” Mr Walton said.
Customers enjoy a drink at The Espy. Picture: Getty
The Espy has 12 bars inside.
The listing comes after private equity giant KKR, which is the backer of local outfit Australian Venue Co, has taken over the iconic venue, which it has been chasing it since before the pandemic struck.
Australian Venue Co has won control of the Espy leasehold as part of an acquisition agreement to purchase eight venues in Melbourne from Sand Hill Road. As well as The Espy, the venues are the Garden State Hotel, Prahran Hotel, Terminus Hotel in Abbotsford, Richmond Club Hotel, The Posty, Bridge Hotel and Holliava.
St Kilda’s Esplanade Hotel before its renovation in 2018. Picture: Chris Eastman
BRANDON HOTEL SELLS
The Brandon Hotel at 18-20 Lee St, Carlton North.
A question mark hangs over the future of the Carlton North’s Brandon Hotel after it sold to a new owner.
Woodards Carlton agent John Costanzo said the site sold for just under $3m, with the current lease agreements in place.
“I’m not really sure at this point (what the buyer’s plans are). They’ve just appointed us to manage it for the time being and if they can’t strike a deal with the tenant they will hang on to it as an investment until the lease expires,” he said.
Inside the long-running pub.
Mr Costanzo indicated prior to auction some interested parties could look to convert the property for residential use, but told the Herald Sun following the sale he did not believe the buyer’s future plans would be residential. He believed they would be business-oriented.
The hotel’s operator has another two years left on their tenancy of the 18-20 Lee St site, just back from Nicholson St and Alexandra Pde, with two four-year options after that.
— additional reporting with Alesha Capone and Scott Carbines
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