Historic Melbourne landmark and hospitality institution up for sale

The Prince of Wales Hotel, an iconic establishment in St Kilda, has been listed for sale by Melbourne-based hospitality business, Jackalope Group, which purchased the property in 2015 for $45 million.

Following a recent multimillion dollar refurbishment, the 1920s corner hotel has become one of Melbourne’s most attractive hotels.

For many years, the Prince of Wales has embodied the character of St Kilda in a single building, absorbing the area’s eclectic personalities, the history of the property steeped across its many facets.

The freehold investment is being sold subject to an existing long lease with the Melbourne Pub Group owned by the Ryan Family who also own and operate Mitchelton Estate and Hubert Estate in the Yarra Valley.

Located on the corner of Acland and Fitzroy Street, the hotel comprises a street bar, an award-winning dining room, 39 boutique hotel rooms, a bakery with an adjoining retail outlet, a Euro-inspired wine store and a function space with an indoor pool as well as a multi-level car park.

CBRE’s Scott Callow and Nathan Mufale are managing the sale on behalf of Jackalope Group via an Expression of Interest campaign closing September 27 2023.

“Having been involved in the hotel’s last two transactions, I’ve never seen it in such wonderful condition. It’s a unique offering which we’re expecting will attract trophy investors looking for something quite special to add to their portfolio,” Mr Callow said.

Mr Mufale added, “The offering provides a multitude of value-add opportunities with the ability to capitalise on 360-degree views across to Port Phillip Bay and the Melbourne skyline, meaning there is huge potential for the incoming purchaser.”