PORT MELBOURNE PUB THE LONDON LISTED FOR AUCTION

The London Tavern in Port Melbourne has been listed for auction with hopes in the low to mid-$3 millions. It’s being sold as vacant possession after the operators of the pub moved out a few weeks ago. It comes on 330 square metres of land and goes to auction on September 21. The pub is on the corner of Beach Street, with a 20-metre frontage, and Princes Street, with an 18.3 metre frontage. Agent Joseph Carbone from Vinci Carbone Property says the property isn’t covered by any heritage restrictions. He says the site is a prime development site. "Sites like are very rare. It's extremely rare to get a freehold of this nature," Carbone says. Carbone says they are selling the hotel freehold with plant and equipment. The 640 square metre building comes with a liquour licence. It is zoned mixed use. Carbone says interest in the site could come from potential owner-occupiers, home renovators or more likely developers. "It is also surrounded by numerous successful residential developments more particularly adjoins the highly regarded residential suburb of Beacon Cove," he writes. Plant includes items like equipment, kitchen appliances, four kegs of beer, furniture and security equipment. The pub is being sold by a private local investor. The site was the subject of a case in the Supreme Court of Victoria last year, with a former tenant seeking relief against forfeiture after failing to pay rent. The former tenant was in breach of lease in a number of ways, mostly stemming from not paying rent. He moved out and new tenants took over in December 2011, but have since vacated. It's been 3AW’s pub, with the suggestion the view from the first floor dining area is one of Melbourne’s assets.