The Prince of Wales Hotel in St Kilda has officially been sold to Chinese buyers for a believed price of $45 million.
The buyers, Pub Li City Pty Ltd, have bought the well-known live-music venue in the heart of St Kilda, which was marketed by CBRE as having a planning permit for 66 luxury apartments.
Despite the planning permit, the current tenants have a lease until the end of 2021, which means the hotel will remain as a live music venue in the short-term, with the prospect of an apartment building with an extra four levels on the cards after the lease expires.
However, as reported by The Sydney Morning Herald, the lease on the 7,000 square metre car park at the rear of the property expires next month, which may mean a smaller development may be approved in the coming months.
The four level hotel is a landmark for the area and offers 5,802 square metres of space.
Originally, The Australian reported that the sale was expected to reach over $25 million, but expectations have been exceeded by the $45 million deal.