Live music lovers of Melbourne should be on high alert, iconic live music hub The Prince Of Wales Hotel has just been listed as for sale.
The freehold for nationally recognised hotspot of Fitzroy Street, St. Kilda, comprising of restaurants, a hotel and spa, pub and of course Prince Bandroom, has been put up for sale, with current owners angling for a residential developer to take over the building.
The listing itself details that the entire massive building that fronts Fitzroy, Acland and Jackson Streets with it’s four levels and multi-storey car park and numerous rented business spaces for one single sale to the highest payer.
There is great cause for concern for the future of the live music venue, with the advertisement highly emphasising the development opportunity of transforming the building into “premium residential accommodation.”
There are currently seven sections leased of the 5802 square-metre structure, and although the bandroom and public bar businesses run by the Melbourne Pub Group are not for sale, the leased space they occupy is, and they may hold very little power over the fate of their business’ space should a residential developer swoop in to purchase the property.
Agents handling the sale are angling for a developer to purchase the property, with an eye for residential development, highlighting to prospective buyers that it comprises “immediate development potential with approved plans and permits for four (4) additional levels of premium residential accommodation,” with present “opportunities for vacant possession of both the accommodation and car park components”.
If recent precedent is anything to go by, the Prince of Wales Hotel could end up with the same fate as Melbourne’s historical CBD venue, The Palace. The case of the Prince has very similar hallmarks akin to The Palace, whose demise begun with a simple “for sale” listing online at the beginning of this year, quickly being snapped up by international investors that will see the fallen venue be turned into a luxury hotel complex.
2014 has been both sweet and sour for live music venues nationally. Earlier this month, the adored dinner and show team behind New South Wales’ famed Lizotte’s announced that two out of the three live music venues will close as of 2015, unless sold earlier.
This news definitely sucks, however we’re not at a complete loss, remember that we’ve recently seen Melbourne’s Shadow Electric band room power into full-time and the reopening of Brunswick’s Railway Hotel, in Sydney there has been the addition of The Roller Den, The Hub, and The Lewisham Hotel, while Brisbane has witnessed an explosion of great venues with The Brightside, Woolly Mammoth and ex-Powderfinger member’s stunning refurbished WW2 hanger, The Triffid.
