Pub Li buys Vic Prince of Wales hotel for $45m

A 27-YEAR-OLD Chinese dev­el­oper, Jiyuan “Louis” Li, has swooped on one of Melbourne’s most famous watering holes, the Prince of Wales hotel in St Kilda.

Prince of Wales hotel in St Kilda, Melbourne. Source: News Limited

Mr Li is the sole director of Pub Li City Pty Ltd, which placed a caveat over the property this week. The pub, built in 1882, is believed to have been sold for $45 million, well above the ­expected sale price of $25m.

Pub Li City counts Mr Li, Jie Li and Wenxiu Zhao as shareholders, the 27-year-old holding the larger stake.

It can also be revealed Mr Li was behind the purchase of the heritage-listed “ Maria George” building on Flinders Lane in Melbourne’s CBD last year.

The Prince of Wales was placed on the market by private investor John Van Haandel in October. He became the sole owner after a spat with his former business partner and bro­ther Frank Van Haandel in 2007.

The site boasts a permit for a 32-storey apartment development on the adjacent carpark. There is also scope to refurbish and extend the venue to encompass more retail, hospitality and residential development.

On the corner of Acland and Fitzroy streets in the bayside suburb, the property includes a boutique hotel with 39 suites, the Circa restaurant, a function area and a car park with 230 spaces.

The sale was handled by CBRE’s Mark Wizel and Scott Callow. Mr Van Haandel could not be reached for comment.

Source : The Australian      Sarah Dankert & Ben Wilmont   23rd February 2015