The developers who illegally demolished Carlton's Corkman Irish Pub doubled the value of their site overnight, property experts say.
The property where the pub once stood is now valued at between $8 million and $10 million, according to an analysis of nearby sales completed by property agents Savills Australia, after a request by Fairfax Media.
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Historic Carlton pub illegally bulldozed
Corkman Irish Pub opposite Melbourne University's law building has been demolished after being sold to a local developer for $1.56 million above its reserve in 2014. (Video courtesy: Francisco Ossa)
The demolished pub was built 159 years ago and stood at the corner of Leicester and Pelham streets.
Developers Stefce Kutlesovski and Raman Shaqiri paid $4.76 million for the pub last August. It was torn down by Shaq Demolition and Excavation, which is half owned by Mr Shaqiri, on October 15.
"Notionally its value would now be in the $8 million to $10 million range," said Clinton Baxter, Savills Australia's director of CBD and metropolitan sales.
![The Corkman Irish Pub, formerly known as the Carlton Inn, as it was last month.](http://web.archive.org./web/20161026202434im_/http://www.smh.com.au/content/dam/images/g/s/4/7/g/v/image.imgtype.articleLeadwide.620x349.png/1477290138563.png)
The Corkman Irish Pub, formerly known as the Carlton Inn, as it was last month. Photo: James Bowering
The site was auctioned in late 2014 by agents CBRE. Mr Kutlesovski and Mr Shaqiri this year also bought another property in Box Hill off CBRE agents.
Mr Baxter said his firm had been very disappointed by the "reckless demolition" of the Carlton pub, and – asked if they would handle a future sale of the property – said they would "prefer to focus our resources on assisting our many highly reputable clients with their landholdings".
![A group of musicians held a wake for the Corkman on Monday afternoon.](http://web.archive.org./web/20161026202434im_/http://www.smh.com.au/content/dam/images/g/s/9/g/e/o/image.imgtype.articleLeadwide.620x349.png/1477289602586.png)
A group of musicians held a wake for the Corkman on Monday afternoon. Photo: Eddie Jim
Neither Mr Kutlesovski nor Mr Shaqiri could be reached for comment on Monday, despite repeated attempts to contact them.
The previous owner of the Corkman Irish Pub, Alf King, bought the property in 1987 and sold it to Mr Kutlesovski and Mr Shaqiri last year.Â
He said he had only met the men on the day of the sale, in late 2014. They had told him they intended to turn the property into apartments. "We are sad [because] we have got great memories of the place," Mr King said. "We expected it in time to be developed – it would not have surprised me if the whole place had been demolished in time."
![The Carlton site last week.](http://web.archive.org./web/20161026202434im_/http://www.smh.com.au/content/dam/images/g/s/4/2/h/p/image.imgtype.articleLeadwide.620x349.png/1477281822668.png)
The Carlton site last week. Photo: Simon Schluter
The pub was owned for a short time from 1973 by lawyer Sam Holt, son of the late Prime Minister Harold Holt.
Mr Holt said he had been saddened by news the pub had been torn down. "It was a lovely old building," he said.