Stephen Silvagni sells hotel on second attempt
A consortium including ex-AFL player Stephen Silvagni has sold an 86 year old inner-city pub on its second attempt.
The Royal Mail Hotel in West Melbourne collected $4 million at the end of an expressions of interest campaign this month.
Despite targeting developers – on 453 square metres zoned Special Use at the north west corner of Spencer and Stanley streets – the two storey building found favour with an operator and will be retained.
Vinci Carbone’s Zach Molinaro, Joseph Carbone and Frank Vinci were the agents.
The pub was also offered in early 2022 – via Colliers.
Under-utilised site
Mr Silvagni, with his mother Rita, and ex-business partners in Collingwood’s Prince Patrick Hotel, outlaid $800,000 for the Royal Mail in 2001.
For years it was operated by Davydd Griffiths, since 2020, a City of Melbourne councillor (story continues below).
With 645 sqm, it was updated three years ago.
The site is in a development hotspot, opposite Lechte Corporation’s eight level The Marker apartment complex.
Ilura Apartments, rising five floors, was also recently completed in the pocket, a few hundred metres from Flagstaff Gardens and the CBD tip.
The Royal Mail deal comes three months since Mr Silvagni offloaded his former Balwyn North family home for a speculated price of just over c$7m – a near $2m discount on its February list price.
Also this week, Charter Hall outlaid $9m for the Harlow Bar, formerly known as the Great Britain Hotel, on the north east corner of Church and Lesney streets, in Richmond.
Leased to AVC, with 1100 sqm over two floors and a rooftop garden, on 485 sqm, the result reflected a 5.75pc return.
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