A Port Melbourne hotel has defied market uncertainty to be snapped up by a local investor for $2.75 million.

The North Port (formerly Albion) Hotel at 146 Evans Street was put on the market last year and passed in at auction before being sold as a freehold hotel investment.

Situated on 490.5 square metres of land with three frontages totalling 65 square metres, the property has proximity to the Melbourne CBD and the urban renewal precinct of Fisherman’s Bend.

At a glance:

• The North Port Hotel at 146 Evans Street, Port Melbourne has been sold to a local private investor for $2.75 million. 
• Situated on 490.5 square metres of land with three frontages totalling 65 square metres, the property has proximity to the Melbourne CBD and the urban renewal precinct of Fisherman’s Bend.
• The transaction was brokered through Dave Walker and Guy Wells of Colliers International.

The transaction was brokered by Dave Walker and Guy Wells of Colliers International, the latter of which told WILLIAMS MEDIA the deal was a "great result" in the face of current market conditions.

"The property was sold prior to everyone working from home, but there was still some uncertainty in the air," he said.

"Despite this, we had ongoing interest from a number of different groups."

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Source: Colliers International

Port Melbourne has crafted a reputation as one of Melbourne's rapidly evolving mixed-use locations, with the North Port Hotel representing a secure investment that carries longer term redevelopment potential.

Mr Wells said well-positioned properties were still appealing to investors.

"Inner-city assets are going to be well sought after even in this current environment," he said.

"Owners just have to work through the leasing side of things with tenants across the next couple of months."

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