St Kilda backpackers lodge listed with $7 million expectations

Katherine JimenezDecember 7, 2020

One of St Kilda's most well-known landmarks, the Coffee Palace Backpackers Lodge has been listed for sale and is expected to generate offers of about $7 million.

The 47-room property, at 24-6 Grey Street, is close to Melbourne’s busy Fitzroy St and has a total building area of about 1,680 square metres.

The property is leased to the operators under a lease which has an annual rental of $424,471 plus GST. But the five year lease, which started in May 2009, is due to expire on 31 April next year, leaving potential buyers with various options.

Expressions of Interest to purchase the freehold of the three-storey building close on Friday 15 November, through marketing agents Grant McKenzie and Russell Meerkin of Kliger Wood Real Estate.

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