MARINE HOTEL - THE AGE
Posted on 20 April 2024
The Buxton Group has snapped up the Marine Hotel in Brighton, paying a bumper $22.65 million for the land-rich pub.
The hotel, which closed last year after a history dating back to the gold rush era, is unlikely to remain a watering hole. Built in 1856, 19th century poet Adam Lindsay Gordon was one of its patrons.
Buxton Group managing director Samantha Buxton described the pub as an "important cornerstone landmark in Brighton".
"It is early days and we are currently exploring various options for the site, including retaining its historical use in some way," Buxton said.
The Buxton family, which has several different strands involved in property, have been long-time residents and developers in Brighton and the bayside area.
The deal was negotiated by Gorman Commercial's Jonathon McCormack and Stephen Gorman; with Vinci Carbone's Frank Vinci and Joseph Carbone.
The vendor paid $15.8 million for the pub at 199-217 New Street in 2018 and had expected more than $18 million in the resale.
The property is on a 4670-square-metre site near the beach and not far from Xavier College's 32,000-square-metre Kostka Hall which Golden Age bought for $100 million in 2022.
The hotel, which closed last year after a history dating back to the gold rush era, is unlikely to remain a watering hole. Built in 1856, 19th century poet Adam Lindsay Gordon was one of its patrons.
Buxton Group managing director Samantha Buxton described the pub as an "important cornerstone landmark in Brighton".
"It is early days and we are currently exploring various options for the site, including retaining its historical use in some way," Buxton said.
The Buxton family, which has several different strands involved in property, have been long-time residents and developers in Brighton and the bayside area.
The deal was negotiated by Gorman Commercial's Jonathon McCormack and Stephen Gorman; with Vinci Carbone's Frank Vinci and Joseph Carbone.
The vendor paid $15.8 million for the pub at 199-217 New Street in 2018 and had expected more than $18 million in the resale.
The property is on a 4670-square-metre site near the beach and not far from Xavier College's 32,000-square-metre Kostka Hall which Golden Age bought for $100 million in 2022.