The Prince of Wales, St Kilda listed by van Haandel syndicate

Doncaster rail's iconic Prince of Wales Hotel has been listed for sale.

It has been listed by the syndicate headed by the van Haandel family, who revitalised the formerly decrepit Prince of Wales Hotel.

John van Haandel, with his brother, Frank, paid $4.3 million in 1995 for the freehold property before Frank later exited his stake.

The classic corner pub comes with frontages to Fitzroy and Acland streets.

It is a four level freehold building providing 5,802 square metres space, along with a multi-storey car park.

There are leases to seven retailers and venue operators. The net income is $2.3 million.

The agents suggest there is immediate development potential with approved plans and permits for four additional levels of residential accommodation with plans done by architects Woods Marsh.

The sale of the freehold could fetch well over $25 million, according to industry sources cited by The Australian.

The site boasts a permit for a 32-storey apartment development on the adjacent carpark. There is also scope to refurbish and extend the heritage-listed venue to encompass more retail, hospitality and residential development. 

The sale is being handled by CBRE agents Mark Wizel, Justin Dowers and Scott Callow with offers due 26 November.

The site, with its various businesses, including Circa restaurant, has been leased to Melbourne Pub Group (MPG) since 2011. Prince Bandroom is one of Melbourne's most prominent live venues, previously hosting acts such as Lenny Kravitz, Jack Johnson, Scissor Sisters, Pink and Coldplay.