MELBOURNE PUBS HITTING THE MARKET

Vinci Carbone is marketing a number of hotel opportunities, The Mentone Hotel is one of the properties up for grabs. The property is found on the corner of Beach Road and Mentone Parade, directly opposite the bay, which provides it with magnificent views. One of the most prominent landmarks along Beach Road, the unique building offers distinctive architecture and 5103 square metres of land. The hotel was owner-operated for many years then sold less than five years ago to Open Door Pub Co., who operate a number of high profile hotels. The hotel is securely leased for a total of 30 remaining years (assuming all options are taken up by the lessee) and returning a gross rental of $499,186 per annum. The property is scheduled for auction on Wednesday 8 June at 2.00pm on-site and a price between $5.8 and $6.2 million is expected. Vinci Carbone is also currently marketing the Grosvenor Hotel, at 10-16 Brighton Road, Balaclava, with vacant possession. Also an iconic property, the freehold and business is being offered on a "walk in/walk out" basis and is sure to appeal to owner-operators and developers. Recently refurbished, it has a drive-through bottle shop and 22 gaming machines, all sitting on land of some 1963 square metres with three street frontages. It is planned for auction on Wednesday 8 June at 11.00am on-site, with a selling price between $6.25 and $6.5 million expected.