A well-known Melbourne live music venue, the Prince of Wales hotel in St Kilda, has sold to Chinese buyers for a price believed to be $45 million.

The Fitzroy Street property – which includes a large bandroom, pub, a 39-room boutique hotel, a one-hat restaurant and a day spa – is to be bought by Port Melbourne firm Pub Li City.

St Kilda's famed live music spot looks set to become a luxury apartment block. Credit:Mal Fairclough

The company is registered to Chinese-born national Jiyuan Louis Li, with two other shareholders, Jie Li and Wenxiu Zhao.

A title search shows the firm placed a caveat over the property this week. They are understood to have agreed to pay $45 million for the property.