BEACH PUB AUCTION

Interests associated with the Smorgon family have pocketed $3.705 million selling a prominent pub on Port Melbourne's Beach Street. The former London Hotel was marketed for its development potential and sold at Auction yesterday to an investor represented by a buyers advocate. The 330 square metre site is opposite the Beacon Cove development and the beach. The double storey pub on the site has a net lettable area of about 660 square metres. Beach Street continues south to become Beaconsfield Parade. Vinci Carbone directors Joseph Carbone and Frank Vinci conducted the Auction before a crowd of over 100, but declined to comment on buyer or seller when approached by Capital Gain.