This article is from the Australian Property Journal archive
The Toad Hall Hotel at 441-451 Elizabeth Street, Melbourne has sold through agents Gray Johnson for slightly in excess of $4.5 million.
Gray Johnson selling agent Chris Lang said four tenders were submitted and the purchaser was a private development company who will retain the existing backpacker accommodation while evaluating the options for the future development of the site.
The property was offered to finalise the estate of Melbourne CBD identity Alex Copland who passed away in July last year.
The Copland family has owned the property for several generations.
The property has been known since the 1960s as the unlicensed Toad Hall Hotel and has been operated as a private hotel and more recently as backpacker accommodation.
The property with a frontage of 27.03 metres to Elizabeth Street has a site area of 1,130 sqm on which exists a combination of four and two level buildings with a total building area of 1,880 sqm.
The property currently produces annual revenue of approximately $207,000 from the Toad Hall backpacker accommodation and two separate small tenancies.
The property was submitted along with concept plans prepared by Bruce Henderson Architects to considerably add to the existing buildings or alternatively with scope for the purchaser to totally redevelop the site to take advantage of its location and strong street visibility.
“The history of the site can be traced back as early as the 1850s while the web site provided a slide show of the property and buildings as well as the concept plans prepared by the architects.
“In addition all statutory documentation including the Contract of Sale, the Vendors statement, Lease documents and the Certificates and Reports were able to be downloaded,” Lang added.
By Adam Parsons
