Iconic Hotel Esplanade ‘The Espy’ freehold investment for sale around $70M – Gorman Allard Shelton

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Melbourne’s most iconic and beloved entertainment venues, the Esplanade Hotel for sale by public tender via Joseph Walton of Gorman Allard Shelton.

Mr Walton said the historic hotel at 11 The Esplanade, St Kilda is expected to sell for around $70million.

Mr. Walton said“We anticipate strong interest in the offering from major domestic, interstate and international buyers, driven not only by the property’s rich history and iconic status, but more specifically by its 20-year lease with Australian Venue Co. .”

The Australian Venue Co is a leading hotel operator with a portfolio of 211 sites in Australia and New Zealand. The tenant pays a net income of $3.15 million on the property plus expenses and GST. Mr. Walton commented that the property is truly a unique investment opportunity, given its particularly strong lease term for a blue chip company.

The impressive five-storey freehold property is situated just opposite the popular foreshore area of ​​St Kilda and consists of a substantial heritage building built in 1878 with a net lettable area of ​​3,200 square metres.

Hotel Esplanade underwent a recent refurbishment when it reopened in 2018 and has become one of Melbourne’s hottest hotel establishments. Accommodation includes 12 bars, two restaurants, cocktail rooms, banquet halls, the Gershwin room with a live stage and a terrace with a retractable roof.

The grand dame of the waterfront, the Esplanade Hotel was originally built in 1878 as a lavish beachfront resort for Melbourne’s wealthy elite. Fueled by Victoria’s Gold Rush era, this was a period of prosperity for Melbourne. A rail link to St Kilda had been opened in 1857 and grand mansions dotted the landscape of St Kilda.

During this golden age, Melbourne’s most prominent architects, Smith & Johnson, transformed the site of the New Bath Hotel into the Hotel Esplanade. Italianate architecture, inspired by the Italian palazzo style, defined the design. Close to town and by the sea, St Kilda was a luxury playground and holiday retreat for the wealthy and influential. The hotel has attracted its fair share of notable visitors, including American writer Mark Twain and French actress Sarah Bernhardt.

By the end of the 1960s, a new bohemian personality had emerged in St Kilda. Colonel Jackson took over the hotel and grew its rise as a beacon of Melbourne’s live music scene. As the 1970s nightclub lit up Melbourne, the grand dining room was transformed with a shimmering, shimmering dance floor and the Esplanade Hotel’s famous Gershwin Room was born.

It wasn’t until the late 70s and 90s, however, that the Gershwin Hall became a prolific stage for live performances and propelled the hotel into music history. Live music, on up to three stages, became almost nocturnal, laying the foundation for The Espy’s reputation as Australia’s oldest and longest-running live music venue. Playing a gig at The Espy was a rite of passage for up-and-coming musicians and comedians, while its status as a monumental concert hall attracted international artists.

Mr. Walton said St Kilda is undergoing a revitalization which sees it become home to a number of new developments and popular restaurants and entertainment venues.

“One project in particular that is driving this renewal is Gurner’s $550 million redevelopment of the Novotel hotel in the luxury residential apartments of Saint Moritz, which overlooks St Kilda beach.”

Commentary by Mr. Andy Mullins of Sandhill Road “We feel so privileged to have been the team that breathed new life into the lungs of this magnificent historic establishment. It is so much more than a pub”.

“We are very proud to have done our job as one of The Espy’s few caretakers. We are now really excited for the next freehold owners as Paul Waterson and the AVC team take over and write the next chapter of its rich history.

The public bidding process is due to close on November 18, 2022.

To request a copy of the Information Memorandum, please contact Gorman Allard Shelton’s Marketing Officer, Mr. Joseph Walton via the contact details below.


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