Port Melbourne’s spectacular beachfront Pier Hotel has come to market, marking a rare property and operation that hasn’t been available in more than two decades.
Positioned on a 491sqm high-profile corner of Bay and Beach streets, with around 50 metres of dual street frontage and ‘Mixed Use’ zoning, the Pier is arguably one of the more enviable locations in bayside Melbourne.
It features a large public bar and dining area, with well-equipped commercial kitchen, and multiple function rooms, all under a similarly rare 3am General liquor licence.
The exterior has been recently restored and the current operation sees a strong base of all-day trade, beyond significant function revenue from its selection of trading zones.
Further upside and revenue growth is cited in The Pier’s permit approval for an additional level, increasing trading capacity through a rooftop deck to exploit the property’s uninterrupted bay views.
After owning the asset for the past 23 years, Dave Cambridge has decided it is time to pass the baton.
Victorian beachfront pubs have at times seen an “emotive investment response” from the market, such as the coastal Lorne Hotel bought by Merivale for $38 million in 2021, and JLL Hotel’s Will Connolly, Lachlan Persley and Jesse Radisich, managing the sale campaign, anticipate a high level of interest from a range of buyers, given its prestigious location.
“We expect The Pier to evoke just as strong a level of demand from operators on a national level, who will identify the generational opportunity the asset provides,” says Connolly.
The freehold going concern of the Pier Hotel is being sold via Expressions of Interest, closing Wednesday, 30 August.
