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 Prince of Wales, on the corner of Acland and Fitzroy streets in St Kilda, was designed by renowned hotel architect Robert H. McIntyre. Credit: The Prince of Wales

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.