63-69 City road Southbank hits the market with an approved hotel permit in place, the site is expected to sell for around $15 million and top the mark in price with a global marketing campaign led by Allard Shelton Directors, Michael Ryan, James Gregson, Joseph Walton and Agent executive Martin Huang.
The landholding is one of the last development sites available on City road, Southbank and is positioned within a precinct that includes the renowned Eureka Tower, Prima Pearl and Australia 108 site.
The plans propose a luxury 4 star hotel with 270 pod-style rooms including high-tech features, conveniences, and artistic, modern interiors. This compact but luxurious New York style accommodation addresses a gap in the Melbourne hotel market which sits below its spacious 5 star competitors but above budget hotel chains. The development would also include a ground floor cafe and hotel rooftop bar and proposes that 8 of the 30 levels remain as education space.
This permit has not only added further value to a rare, prized landholding but it has also caused a flurry of buyer enquiry from hungry developers all eager to make their mark on the hotel boom.
Director Michael Ryan commented,“The hotel sector, in my opinion, is outperforming many of the other property sectors in the Australian property market at the moment. Not only are we rapidly growing as a population, Melbourne is also a major business hub and a safe, tourist destination.”
According to Deloittes 2017 Tourism and Hotel Market Report, International visitor numbers to Australia climbed 8.9% over the past year to 8.5 million, with an additional 700,000 visitors arriving on our shores.
“As it stands today, Australia is a safe-haven and Melbourne, the most liveable city in the world. This, together with our steady economic climate makes offerings of this calibre very attractive to astute investors from around the globe,” stated Director James Gregson. “We have already had strong interest from a few select groups of developers in China and Malaysia and we will be personally meeting with them in the coming weeks, together with all potential stakeholders of this campaign, regardless of location.”
The site occupies 910 square meters of land and will be sold via expressions of interest Closing on the 12th of December
Click here to find out more about this Southbank Hotel development project.