LANDLORD LISTS BRIGHTON PUB AFTER MAJOR DEVELOPMENT WINDFALL - REAL ESTATE SOURCE
Posted on 28 February 2024
The former Marine Hotel – which following a surprise lease break late in 2023, became a rare major development site in ritzy Brighton, is for sale again.
More than $18 million is expected for the 4670 square metre – or 1.15 acre – holding, 199-215 New Street, on the south west corner of Park.
The vendor, a local syndicate, bought it as an investment in 2017, for $15.8m.
That seller was the Catalfamo family, which paid the Zagame family 13m three years earlier; it was subject to a long lease to another operator.
Vinci Carbone's Joseph Carbone and Frank Vinci – who sold the property in 2017 – have the listing again, with Gorman Commercial's Jonathon McCormack and Stephen Gorman.
Surprise site in central Brighton
With a car park, two story hotel and drive-thru bottle shop, the under-utilized Brighton site is zoned Neighbourhood Residential, allowing a nine metre project over a multi-level basement.
Other potential users being targeted by the agents are in essential services, including childcare and healthcare, and hospitality, such as tourist accommodation.
Certain product like aged care could be developed taller than a traditional apartment project.
Blue ribbon pocket
Brighton's median house value is $3m, against a metropolitan average of just over $940,000.
The ex-Marine Hotel site is a block from the Church St shopping strip and 600 metres from the train station.
"Given the established nature of the precinct, opportunities like this don't come by often," according to Mr Carbone and Mr McCormack, marketing the site as "irreplaceable".
Elsewhere is the bayside suburb, 12 kilometres south of Melbourne's CBD, Primeland last year paid c$30m for a 3393 sqm block at 150 Esplanade, also fronting Victoria and Wellington streets. With that deal, the Brighton Savoy reception centre, which hosted the Logies in 1960, will be razed.
In 2017 meanwhile, businessman Ken Biddick and his wife, Catherine, outlaid $32.1m – a low 3.8 per cent yield – for the suburb's Woolworths, on Church St.
Like the ex-Marine Hotel, that property sits on 4700 sqm with additional street frontage.
https://www.realestatesource.com.au/brighton-landlord-lists-pub-after-major-development-windfall/
More than $18 million is expected for the 4670 square metre – or 1.15 acre – holding, 199-215 New Street, on the south west corner of Park.
The vendor, a local syndicate, bought it as an investment in 2017, for $15.8m.
That seller was the Catalfamo family, which paid the Zagame family 13m three years earlier; it was subject to a long lease to another operator.
Vinci Carbone's Joseph Carbone and Frank Vinci – who sold the property in 2017 – have the listing again, with Gorman Commercial's Jonathon McCormack and Stephen Gorman.
Surprise site in central Brighton
With a car park, two story hotel and drive-thru bottle shop, the under-utilized Brighton site is zoned Neighbourhood Residential, allowing a nine metre project over a multi-level basement.
Other potential users being targeted by the agents are in essential services, including childcare and healthcare, and hospitality, such as tourist accommodation.
Certain product like aged care could be developed taller than a traditional apartment project.
Blue ribbon pocket
Brighton's median house value is $3m, against a metropolitan average of just over $940,000.
The ex-Marine Hotel site is a block from the Church St shopping strip and 600 metres from the train station.
"Given the established nature of the precinct, opportunities like this don't come by often," according to Mr Carbone and Mr McCormack, marketing the site as "irreplaceable".
Elsewhere is the bayside suburb, 12 kilometres south of Melbourne's CBD, Primeland last year paid c$30m for a 3393 sqm block at 150 Esplanade, also fronting Victoria and Wellington streets. With that deal, the Brighton Savoy reception centre, which hosted the Logies in 1960, will be razed.
In 2017 meanwhile, businessman Ken Biddick and his wife, Catherine, outlaid $32.1m – a low 3.8 per cent yield – for the suburb's Woolworths, on Church St.
Like the ex-Marine Hotel, that property sits on 4700 sqm with additional street frontage.
https://www.realestatesource.com.au/brighton-landlord-lists-pub-after-major-development-windfall/