another good sale with 9 mil profit?

http://www.realestatesource.com.au/becton-sells-beaumaris-pavilion-pub-to-footballers.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Realestatesource+%28RealEstateSource%29

Becton Sells Beaumaris Pavilion Pub to Footballers
Written by Marc Pallisco
Saturday, 14 August 2010 00:52

Beaumaris Pavilion
BECTON Property Group has finally offloaded the prominent Beaumaris Pavilion hotel and adjoining car park, in Melbournes south.

The East Melbourne-based developer is speculated to have made about $9 million from the sale of the waterfront site, which it bought for $11 million toward the peak of the commercial property market three years ago.

Becton had planned to develop a 65-unit aged care facility on the site, as part of a push into that sector.

However a subsequent economic downturn, coupled with an unsuccessful business partnership with the Beaumaris RSL, saw the 122-year old pub relisted for sale late last year, and then languish unsold on the market for months.

It was offered for sale with a permit to build 16 townhouses on the pubs car park.

CB Richard Ellis was the marketing agent.

A Becton representative was unavailable for comment. Its believed the sites new owners, private investors and ex footballers, plan to continue for the Beaumaris Pavilion to operate as a pub.