Well-known Melbourne pub the Prince of Wales Hotel is up for sale, with the landmark property boasting a price tag of more than $50 million.

The popular bayside venue has been put on the market by its owner, Melbourne luxury hotel developer Jackalope Group, which purchased the property from private investor John Van Haandel and his business partners in 2015 for $45 million.

The freehold investment on the corner of Acland and Fitzroy streets in St Kilda is being sold with a long lease attached to Melbourne Pub Group, owned by the Ryan family, which also owns Mitchelton Estate and Hubert Estate in the Yarra Valley.

The original Prince of Wales Hotel was built in the 19th century before it was demolished in 1936. Its current incarnation was designed by renowned hotel architect Robert H. McIntyre and completed in 1937. It was used as a headquarters for the US military during World War II, when troops camped at the top of Fitzroy Street.

The hotel later became one of Melbourne’s most active and storied live music venues.

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Following a multimillion-dollar refurbishment, the Prince of Wales sports a street bar, an award-winning dining room, 39 boutique hotel rooms and function space.

The pub is coming to market as sales of traditional watering holes continue at a steady clip.

More than $2.5 billion has changed hands for pubs nationally in the past year and, along with childcare and aged care, they are holding up as resilient assets in a commercial property market hurt by rising interest rates and cost-of-living pressures.