Village Belle Hotel becomes St.Kilda’s belle of the ball after $31M acquisition

St Kilda’s Village Belle Hotel has been acquired by pub baron and developer Mazen Tabet for $31 million.

The 1308-square-metre, two storey site situated on the corner of Acland Street and Belford Street, was put up for sale in October by its owners, brothers David and Stephen Shannon and their brother-in-law Brett Cuthbert.

Built in 1891, the Village Belle underwent a $15 million renovation and expansion in 2017.

A massive steel and glass atrium with retractable roof was added as well as 12 apartments that were built at the rear of the hotel.

“The Village Belle certainly complements our current portfolio, with its excellent presentation and strength of tenancy,” Mr Tabet said.

“As expected, the Village Belle proved to be one of the most hotly contested offerings for 2021, not just within the hotel investment space but also the retail sector,” JLL’s Will Connolly said.

Connolly handled the sale with Stuart Taylor, Tom Noonan and MingXuan Li.

“All corners of the market identified the obvious esteem of the property, being one of Melbourne’s most spectacularly presented venues after its extensive renovation and restoration in late 2017. Just as importantly though, the property was underpinned by the security of a blue chip covenant, with investors inheriting one of Australia’s largest hospitality operators in Australian Venue Co,” Connolly said.

AHD - 16th December 2021