A DA-approved hotel tower in a signature Melbourne laneway has been launched to market by Ray White Hotels as the city’s CBD hotel sector continues to boom.
Designed by architect firm Elenberg Fraser, the 130-room boutique hotel project is at 9-11 Exploration Lane, in the city’s north-east. Ray White Hotels’ Andrew Jolliffe and Mark Bullock are marketing the property.
With a completion date scheduled for 2019, the hotel will be within walking distance of major landmarks including the Melbourne Cricket Ground, Melbourne Museum, Carlton Gardens, State Library and the city’s famous retail precincts.
“As a major gateway to Australia, the Melbourne hotel market provides an attractive destination for hotel capital supported by strong trading fundamentals,” Mr Jolliffe says.
“As additional supply has entered the Melbourne market over recent years, the city has proven time and again its ability to quickly absorb new stock through increased flight capacity at Melbourne Airport, coupled with an unparalleled key events calendar.”
The building is offered for sale in a flexible manner, according to the agents, with vacant possession or management agreement in place.
Mr Jolliffe says a number of leading international hotel management companies have already expressed an interest in managing the property, which provides investors with a blank canvas.
“With a number of significant transactions having been completed in the Melbourne CBD over recent years, and limited stock available to investors, opportunity awaits for an astute investor seeking to acquire a site with both DA and building certificate already in place,” he says.
Mr Bullock says: “Having already these two important pieces of the process finalised, and coupled with a partnership with Melbourne’s leading developers BPM, the Exploration Lane opportunity provides investors with the opportunity to create a market-leading boutique hotel.”
Construction of the tower is planned to commence in 2018 with handover expected in 2019.
Expressions of interest in 9-11 Exploration Lane close Tuesday, April 24 2018 at 4pm.