HOTEL SALE CAPTURES LOTS OF ATTENTION
Posted on 27 February 2015
A CROWD of 60-70 people attended Friday’s auction of the Bay Hotel, 62 Main St, Mornington, which was sold for $6.1 million.
Vinci Carbone auctioneer David O’Callaghan sold the 1880s former Commerce Bank. It later became a silver service restaurant and then a hotel.
The new owners, a group of investors from Balwyn, bought the two-storey building of 732 square metres and land area of 552 square metres with rear laneway access.
The hotel’s lease runs until 2021, with options up to 2041. The “prime retail investment” returns $370,000 per annum.