i think it must be 7.3 hectares, though even that seems too big.
the fact that he lives in the neighbourhood could help his cause for whatever he has planned. even at 7.3 ha it's a big property, so i'm guessing he'll want to maximize the return - i'm not sure that a restaurant will do that.
also, i'm pretty sure the building that used to stand across the street was the mountain view hotel...right at the top of the incline railway. you're probably thinking of summer's theatre which was further east at the top of the wentworth incline.

thanks 'postcards of hamilton'