Capital Gain

LIQUOR LICENCE

The London Hotel in Port Melbourne is sadly long gone, but the new three-storey space built in its place has managed to retain its 3am late-night liquor licence. The new 949 square metre three-storey building is expected to fetch more than $9 million. The historic pub was demolished in 2016 after more than 150 years of trading and an apartment building designed by Ewert Leaf was built on the site. An ill-fated campaign to lease the new hotel opened in March 2020. JLL agents Will Connolly, Tim Carr and Mark Stafford are running expressions of interest, closing on April 20. In other hospitality moves, the restaurant at the foot of South Yarra’s octagonal tower at 5 Commercial Road is on the market. The tower, once home to the notorious Saville Hotel, was transformed into apartments on The BlockTV show in 2016 and now goes by the moniker Blocktagon. The 133 square metre space, leased to Kai Dining, has a further 195 square metre outdoor dining area. It will feature as part of Burgess Rawson’s March 30 portfolio auction.