Another Port Melbourne hotel has changed hands amidst rapid movement in the bayside area.
Colliers International’s Will Connolly has facilitated the sale of the Rose Diner on Bay Street in Port Melbourne on behalf of Steed Sheriff. Mr Sheriff undertook an extensive renovation of the property after purchasing it three years ago.
Purchasers Antonio Farina, Paul Sanhueza and Andrew Gorman previously owned the Grand View Hotel in Brunswick.
“The Rose Diner has been a much admired venue in the Port Melbourne area since Steed and his brother Blake took ownership of the lease three years ago,” Mr Connolly said.
“Facilitating this sale was a true pleasure. It’s always a special experience when both parties are passionate in seeing the venue and its area prosper.
“We’ve seen some rapid movement within the bayside area for hotels of late. Venues aren’t lasting long on the market, as evidenced by our other recent sales in the area including the Prince Alfred Hotel in Port Melbourne, Vincent Hotel in Albert Park and the Wayside Inn and Railway Hotel in South Melbourne.
“It’s a great sign for the market, and for the first time in a long time we’re struggling to service buyer demand with available stock.”
The purchasers were eager to spread their wings with their latest venture together.
“Although Port Melbourne is a different demographic to Brunswick, we were successful in turning around a closed down residential corner pub into a vibrant and profitable business,” Mr Farina said. “At the Grand View Hotel, our focus was simple yet consistent – great food and service and to provide an environment where people would feel more comfortable than at their own home.
“The Rose in Port Melbourne is an iconic venue in a very prominent location, an area in which people are spoiled for choice with some fantastic venues.
“The attraction for us was the opportunity to run a multi-dynamic venue. The Rose has a restaurant and bar area, a private function room and ‘Little Rose’ which operates as a day-time café situated on the back of the venue.
“With the same philosophy and hard work we applied at the Grand View Hotel, we are excited by the challenge that lays ahead.”