Pub Li City P/L has reportedly purchased one of Melbourne’s finest hotels for $45 million.
27-year-old Chinese developer Jiyuan “Louis” Li is the sold director and principle shareholder in Pub Li City Pty Ltd, which placed a caveat over St Kilda landmark Prince of Wales Hotel last week.
Known as a live music venue, the sale boasted a lease until 2021 to Gerry Ryan’s Melbourne Pub Group in the famous The Prince Bandroom, a boutique hotel with 39 suites, Circa The Prince restaurant, and function area.
Significantly in Melbourne’s reinvigorated developer climate, it also came replete with approval for a 32-storey apartment development and scope to extend the venue to allow for further retail, hospitality and residential development.
The campaign began in October, and was managed by CBRE’s senior director of hotels Scott Callow, and Mark Wizel. Speaking with PubTIC, Callow suggested other hotel sales were likely to attract developer investment.
“Many of Melbournes pubs occupy large sites, prime locations and attractive buildings.
“Investors and developers are viewing them as prime opportunities to capitalise on the existing operations and value add with additional residential, boutique hotel and retail options.”
The property’s vendor was private investor John Van Haandel.