The existing four-star hotel on Spring Street has been purchased by Cbus Property, the property investment arm of industry superannuation fund Cbus, from Middle Eastern owner Pearl Hotels in a deal brokered by Gus Moors of Colliers International.

The 164-room hotel which has spectacular views across the Treasury Gardens will make way for a new residential project, following on from Cbus Property’s successful luxury development at 35 Spring Street.

Cbus Property aims to target luxury property buyers as the project will feature leading design as it has with its recent Collins Arch Melbourne complex on Collins Street.

With development proposed to commence in late 2019, Cbus Property has commissioned a design competition and is targeting lodgement of the planning application early next year.

The proposed development will complement the company’s current and past residential projects in the Melbourne CBD said Cbus Property chief executive Adrian Pozzo.

“Cbus Property has clearly demonstrated itself as being one of Melbourne’s pre-eminent developers and already has strong interest from past purchasers to be part of our next luxury residential offering,” he said.

The 1,270 sqm Spring St site, directly opposite the Treasury Gardens, is intended to be a more boutique luxury development with large apartments.

35 Spring Street was completed in April this year while Collins Arch Melbourne is currently under construction.

For more information on the sales process or to discuss the Australian hotel market phone or email Gus Moors of Colliers International via the contact details below.

See also:

East end Melbourne CBD hotel portfolio for sale

BMW to sell flagship Melbourne CBD showroom paving the way for new hotel development

Construction underway on $60 million Peppers Southbank Hotel

Get to Know Gus Moors, Head of Hotels Australia, Colliers International