Momentum Melbourne Developments has acquired the iconic Mentone Hotel in south-east Melbourne for circa $9 million after a strongly contested sales campaign.
Scott Callow and Joseph Du Rieu,
in conjunction with fellow agent Mark Wizel, negotiated the sale of the heritage asset on behalf of Leawarra Falls Pty Ltd, which owned the freehold for more than two decades.
Leawarra Falls operated the business up until six years ago, before reacquiring the business to be in a position to offer the freehold with vacant possession.
Mr Callow said the 5,103 square metre site and circa 1880 building generated strong interest from a range of developers and hotel operators.
“The hotel’s prime position overlooking Port Phillip Bay and its landmark building were just some of the major draw cards attracting interested buyers to this asset,” Mr Callow said.
“The new owner plans to capitalise on the large site and sought after location by looking at a range of development options that will incorporate the existing hotel building and maximise the substantial Beach Road frontage and sweeping views across Port Phillip Bay.”
Paul Huggins, Director of Momentum Developments
, said the development plans were expected to comprise a food and beverage retail business, upmarket bar and café, all predicated on the successful applicant/leasee.
“The concept we have in mind will appease all parties locally we feel and seeks to restore the hotel externally to its original state. We have assembled a team of experts to begin in February to begin works on this exciting building”.
Mr Callow went on to say that until the hotel’s closure recently, the hotel benefited from a strong, loyal patronage base, which was demonstrated by the great deal of interest shown via social media.
“Supporters of “Save the Edgy” will be buoyed by the fact that the new development will still offer a hospitality operation,” Mr Callow said.
Located at 95 Beach Road, the prominent landmark building comprises a ground level bar, restaurant, outdoor courtyard and a function room with three adjoining bars.
First opened in 1889, the hotel was the first licensed venue in the area and features a unique historic façade designed to resemble a ship.