The Empyre Hotel, which has been operating as boutique accommodation, has six bedroom suites with ensuites, three reception rooms, a commercial kitchen, bar, storage and cellar.

The Mostyn Street property also has a one-bedroom apartment with ensuite, kitchen and study, as well as a large car park and gardens.

The Empyre, formerly known as the Albion, was built in 1860, but Dominic Romeo, from Unique Estates, said it had been fully restored.

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“It’s one of central Victoria’s iconic buildings and historically, quite an important hotel building in Victoria,” Mr Romeo said.

The building retains many features typical of the era in which it was built, including as high ceilings, elaborate rosettes and cornices, casement windows, mantles, wallpaper, and English carpets and window dressings.

The sale of the building includes antique furniture, chandeliers, and plant and equipment.

The property was last purchased in 2014.