Savills sells landmark reception centre for $20.006 million

The renowned Brighton International Reception Centre has sold for $20.006 million, representing the most significant land sale in Melbourne’s bayside suburbs in 2017.

A locally based Chinese developer secured the iconic function venue and 4,079sq m landholding at 81-89 Bay Street following a competitive expressions-of-interest campaign.

Savills Australia’s Clinton Baxter, Jesse Radisich and Nick Peden brokered the deal on behalf of the owner-operator vendor, who has managed The International for the past 25 years and witnessed countless weddings in that time.

“The vendor has chosen to take advantage of the strong market for major suburban landholdings but the business will continue trading as-is for the foreseeable future,” Mr Baxter said.

“The sale price reflects a land rate of $5,000 per square metre – an exceptional result for a bayside site of this nature.”

Mr Baxter said The International was one of the most highly sought-after listings this year, with local and international developers, major retailers, hospitality operators and private schools actively pursuing the property.

“A multitude of offers was received and, following a highly competitive negotiation between several prospective buyers, the property was sold unconditionally to a local private developer with Chinese connections,” Mr Baxter said.

More than an acre in size and zoned Commercial 1, Mr Radisich said the property embodied “extraordinary redevelopment potential” and was “perfect for the development of a mix of apartments, townhouses and commercial premises”.

“Opportunities to purchase more than an acre of commercially zoned land in Brighton are exceedingly rare and hotly contested when they are placed on the market,” he said.

“The International is synonymous with Brighton, and all of the interested parties were desperate to make a statement with this once-in-a-generation offering.”

Mr Baxter said the Chinese interest in the site was of particular interest, contrasting with some recent reports of the apparent withdrawal of Chinese money from the market due to capital controls.

“The market continues to be awash with Chinese money, and Chinese buyers are primarily focused on securing only the very best landholdings, such as this asset,” he said.

An extended settlement is in place to facilitate existing bookings at the centre.

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