The Espy up for sale for a record $70m

Melbourne-based hospitality group Sand Hill Road have put The Hotel Esplanade up for sale for $70 million, in what will be a record price for a Victorian pub if it sells. 

The St Kilda hotel, better known as the Espy, has undergone a full revamp under the current owners, who acquired the historic venue in 2017. 

Speaking to Nine news, Sand Hill Road spokesperson Matt Mullins said it has been a “privilege” to own the hotel, which was built in 1878, before going on to become one of the most well-known venues for live music in the country. 

But after hosting a who’s who of Australian rock music, the venue ran into financial trouble and was closed as a pub in 2015, only hosting the odd concert in the Gershwin Room until it was purchased by Sand Hill Road. 

“It's the most extraordinary old hotel in the world in my opinion,” Mullins told Nine news. 

“The Espy deserves to hold every record, this place is the holy grail for any pub in Australia. 

“In the end this place is owned by the thousands and thousands and thousands of people who have made it home so many years and will do so over the next 100 years.” 

The hotel has 12 bars across four levels, two restaurants and two live music venues, with the sale including the hotel's operations, which are managed by the Australian Venue Co.

AHD - 11-10-22