The Freehold Going Concern interest in Port Melbourne’s Pier Hotel has come to market, with the spectacular beachfront hotel available for the first time in over 20 years. Boasting one of the more enviable locations within bayside Melbourne, ‘The Pier’ at 1 Bay Street, Port Melbourne is being offered exclusively for sale by JLL’s Will Connolly, Lachlan Persley and Jesse Radisich via Expressions of Interest.
Prominently positioned on the high-profile corner of Bay and Beach Streets, the Pier Hotel is offered to market complete with a recent external restoration, whilst offering genuine upside to potential operators via permit approval for an additional level, including roof top deck to best capture the property’s stunning bay views. The existing trading features include multiple function rooms, along with a large public bar and dining area, complemented by a fully fitted commercial kitchen.
Will Connolly, Senior Vice President of JLL’s Hotel Investment Sales, expects a high level of interest given the prestigious location The Pier provides; “It’s clear that in recent times, beachfront pub assets have had the ability to conjure a highly emotive investment response from the market, evidenced by recent high profile Victorian coastal hotel transactions such as the Lorne Hotel and most recently the Rye Hotel. 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”.
With the current operation offering a strong base of all day trade along with significant function revenue produced from the venue’s plethora of trading zones, the Pier Hotel could provide the perfect platform for further revenue growth via its current permit approval, which includes the ability to increase future trading capacity throughout the venue via the permitted roof top expansion.
Lachlan Persley, Executive of JLL’s Hotel Investment Sales comments; “The Pier Hotel already possesses the advantage of holding a rare 3am ‘General’ liquor licence, providing a genuine opportunity to acquire either a turn-key venue as a ‘trade now’ opportunity or to transform the venue into one of Melbourne’s most incredible venues given its spectacular beachside location”.
Offering uninterrupted water views from a commanding 491sqm corner position, the asset provides favourable ‘Mixed Use’ zoning encompassing close to 50m of dual street frontage, offering flexibility to reposition the asset for a range of alternative uses. Jesse Radisich, Director of JLL's Capital Markets comments; “It is not often that such an iconic corner freehold with expansive water views becomes available to acquire, and the offering provides for a range of exciting repositioning and redevelopment options to capitalise on the position and the aspects”.
Expected to be one of 2023’s most sought-after assets, the Pier Hotel is available via national Expressions of Interest closing Wednesday 30 August at 5pm.
Contact: Will Connolly
Phone: +61 432 116 287
Email: [email protected]
Contact: Lachlan Persley
Phone: +61 450 770 447
Email: [email protected]
Contact: Jesse Radisich
Phone: +61 402 085 702
Email: [email protected]
