Late last year Aussie fans of live music were given a bit of a shake after a landmark was secretly listed for sale, sellers who suggest the space would be ideal residential developments, and this week has revealed that the beloved home of live music has been sold to investors.
Prince Of Wales Hotel Melbourne, located in Fitzroy Street St Kilda, has been sold to Chinese buyers, with planning permission for 66 luxury apartments, as reported by The Age.
The building comprises the notorious up Bandroom, pub, a boutique hotel of 39 rooms, a restaurant and a day spa was said that he was snatched by Port Melbourne signature bar Li City staggering $ 45 billion, more than the initial estimate hotel $ 25 million.
The current lease in The Prince Bandroom is not until 2021, so it is not necessarily a reason to grow wild with concern that St Kilda is about to lose one of his musical performing live favorites immediate spaces, however the lease, of course, can be broken early.
Most troubling is that the lease on 7,000 square meters Parking Prince ends next month, and as the Age report, and speaks of a proposed three-level apartments to the rear of the complex, which could be the beginning a domino effect on the rest of the building.
Of course, Melbournians Do you have reason to fear for the future of the prince, if recent precedent is anything to go by, the hotel could end up with the same fate as the headquarters historic Melbourne CBD, The Palace. The case of Prince has very similar characteristics similar to The Palace, whose disappearance started with a simple "for sale" online list earlier this year, being quickly snapped up by international investors who see the place fell into a resort Luxury.
It was a bit of a rocky year for live music venues in Australia, Perth to not lose one, but two important venues, not to mention Sydney and Adelaide, too.
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