The historic Dava Hotel, located at 614 The Esplanade in Mount Martha, is now on the market. The building has a rich history, initially serving as a residence for the Sisters of Charity and later becoming a boarding school and preparatory school for boys. Over the past two decades, the hotel has undergone major renovations and was redeveloped as The Dava Lodge Hotel and Guest House in the 1930s. The Dava Hotel offers stunning views across Port Phillip Bay and sits on a large parcel of land measuring 1.55 hectares. The estimated land value is approximately $20 million. The hotel has been leased to Taverns of Victoria, owned by casino pioneer John Haddad, for the past 20 years and generates an annual rent of $517,208. The property listing is being handled by Wilson Property and Stonebridge agents.
In other news, Eddie Hirsch and Avi Silver, founders of United Petroleum, have purchased an office building in East Hawthorn for $17 million. This acquisition follows their recent $18 million office deal at Kew Junction, indicating some activity in the suburban office market. The Auburn Road building, with a floor area of 2739 square meters, was previously occupied by Bunnings and was bought by Hirsch and Silver for $11.2 million in 2010.
A property at 540 Flinders Street, jointly owned by Tony Fernandes and Plato Capital, is also back on the market. The 1971 square meter site has a permit for two hotel towers and is expected to sell for over $30 million. Additionally, the Quincy Hotel on Flinders Lane and the newly opened Ritz-Carlton near Southern Cross railway station are also up for sale.
Furthermore, the sale of aged care and medical facilities is a prevailing trend since the pandemic. Cabrini Health’s palliative care hospice in Prahran and the former Bupa aged-care site in Donvale are currently on the market. The former Uniting AgeWell site in Kew’s Studley Park precinct is being transformed into a luxury residential development by Michael Piccolo.
Lastly, an additional 23 hectares of industrial land is being released at the Merrifield Business Park in Mickleham. Owner-occupiers have been the main buyers, acquiring 57 hectares of the site. The next stage will offer land purchase, turnkey, and pre-lease spaces to meet the high demand in the north’s industrial market, where the vacancy rate is at a record low of 1.09 percent.