The Prince of Wales Hotel in St Kilda is being renovated after Grant Cohen bought it for $28.85 million, with plans for a rooftop bar and interior upgrades to revive its 1990s vibe.

The Prince of Wales Hotel in St Kilda is being renovated after Grant Cohen bought it for $28.85 million, with plans for a rooftop bar and interior upgrades to revive its 1990s vibe. The redevelopment is led by Australian Venue Co., which took over the lease in 2024 and is now partially owned by international firms CVC and PAG. Cohen, heir to the Godfreys fortune, is known for preserving heritage sites. In Toorak, developer Sivasli acquired two properties for $6.5 million, signaling potential redevelopment. On the Surf Coast, the $400 million CORA sports tourism project, featuring 48 tennis courts and luxury lodges on 190 hectares, is set to begin construction in 2027 after years of planning. In Richmond, a $150 million 11-storey residential tower named The Brightly has secured approval, marking a revival of stalled projects in the area.