Only placed on the market in late July the beautiful Hotel Claremont of South Yarra has sold for a reported $22 million. Held by a private company for 27 years, the Hotel has been sold by Luke Bissett and Michael Ludski of Teska Carson – Richmond. Purchaser is V-Leader, a residential/mixed use development company led by founder, Andy Zhang of Toorak.

The Hotel Claremont is a three-storey brick Italianate 81-room hotel building with two shops to Toorak Road and parking for eight cars on paved land to the rear. It was built in 1886 as the South Yarra Coffee Palace and was one of several temperance hotels set up during that period. The coffee palaces provided an alcohol-free alternative to the local pubs and hotels.

Any future development will no doubt take advantage of the beauty and heritage qualities of the hotel. It currently has an approved DA for construction of a mixed use building with 54 units, 4 retail shops and 5 offices plus basement car parking for 22 vehicles, 53 bicycle parks and 54 storage units.

The hotel last traded at $2,250,000 at auction in June 1994.