Kalimna Hotel set for realisation auction as buyers circle potential waterfront bargain

BY Scott Carbines for the Herald Sun February 14, 2017

BUYERS searching for views rivalling Portsea and Lorne to soak up with their counter meal could snag a bargain next month.

The Kalimna Hotel is set to have its fate determined at a realisation auction alongside two other East Gippsland esplanade sites.

Castran director John Castran said he expected the 8778sq m property at 21 Kalimna Jetty Rd to sell for $2.3 million-plus.

That’s just a fraction of the whopping $17.1 million price tag Portsea’s iconic pub attracted last year.

It’s also not a bad deal when compared with the $3 million the Kalimna last sold for in 2009, according to CoreLogic records.

“It’s got without a doubt the best view (of Victorian pubs),” Mr Castran said.

“It kills the Portsea Pub for the view. It’s basically the highest point on the whole eastern seaboard.

“You can see Lakes Entrance, Metung, Paynesville down towards Sale and out onto Bass Strait for about 30 miles. You can even see the oil rigs of Bass Strait from the site.”

Those who might keep the pub or turn it into a beach house are expected to converge alongside developers on the stunning waterfront property at its March 11 auction.

595 601 The Esplanade Lakes Entrance Web

595-601 The Esplanade, Lakes Entrance

Mr Castran said residential zoning allowed for development up to three storeys tall at the site.

“You can keep it as a pub if you want, or maybe a pub with a 20-dwelling development next to it, all with gobsmacking views of the Gippsland Lakes,” he said.

“It’s got road frontages all around the block, which is a fantastic kickstart there … it’s actually surrounded around the back of it by coastal rainforest, so it’s a very, very pretty site.”

A 1579sq m former Chinese restaurant and service station in Lakes Entrance and vacant 2050sq m Paynesville block, also on the water, are tipped to go “dirt cheap” at the auction event.

Mr Castran said the site at 595-601 The Esplanade, Lakes Entrance, would sell for about $600,000, while the property at 47-51 The Esplanade, Paynesville, could go for as little as $350,000.

For more information see http://www.realestate.com.au/n...

49 51 The Esplanade Paynesville Web

49-51 The Esplanade, Paynesville

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