A Melbourne landmark in St Kilda has just been sold to chiense buyers for, what is believed to be, $45m AUD.
The venue, which accomodates a large band room, the pub downstairs, a 39-room boutique hotel, a day spa, and the restaurant Circa, The Prince.
Initially bought by John Van Haandel and partners in 2009 for $9.25m AUD, the return itself is measurable and impressive.
It is believed to have been bought by Port Melbourne firm Pub Li City. Run and registered by a Chinese-born national, Jiyuan Louis Li, there is speculation that the the Prince Of Wales venue could become room for 66 luxury apartments as per the planning permit that was marketed with the property by CBRE.
The 7000sqm Prince Car Park, which is located at the back of the property, has a lease expiring next month, which gives option for the new owners to have more space, and more apartments.