Cremorne development to become boutique hotel after being sold for $11 million - CBRE
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Cremorne development to become boutique hotel after being sold for $11 million - CBRE
A newly constructed six-storey building at 375-377 Punt Road, Cremorne has been sold to a local investment group for $11 million in a deal negotiated by CBRE Hotels' Scott Callow.
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CBRE HotelsAn artist's impression of the completed development at 375-377 Punt Road, Cremorne.
A hotel development in the Melbourne suburb of Cremorne has been sold to a private investment group for $11 million.
CBRE Hotels’ Scott Callow negotiated the sale of the recently constructed six-storey building at 375-377 Punt Road, overlooking Gosch’s Paddock.
He said the pruchaser, which specialises in services apartments, has secured the site with a view to broadening its portfolio and opening an upscale, 61-room hotel.
At a glance:
- A newly constructed six-storey building at 375-377 Punt Road, Cremorne has been sold to a local investment group for $11 million in a deal negotiated by CBRE Hotels' Scott Callow.
- The group, which specialises in serviced apartments, has secured the site with a view to broadening its portfolio and opening an upscale, 61-room hotel.
- The hotel will offer uninterrupted 360-degree views over Cremorne, Richmond, the CBD and Melbourne’s most prominent entertainment and sporting venues.
“Despite the property being listed for sale at the start of Melbourne’s COVID restrictions, we fielded significant interest from buyers looking at residential, office, co-living and hotel options for the building,” he said.
“The inner-city location was a key attraction, with the property situated close to Melbourne’s main sporting precinct and venues such as the MCG and AAMI Park."
Mr Callow said developer Crestall Pty Ltd had originally constructed the building with apartments in mind but had applied for a hotel permit after fielding numerous approaches to redirect the project for boutique accommodation.
The 3,161 sqm building includes a roof deck as well as a ground floor restaurant and café space.
A twin-level basement that was originally earmarked for 18 car spaces will be repositioned to support the restaurant and provide conference space.
Source: CBRE Hotels
The hotel will offer uninterrupted 360-degree views over Cremorne, Richmond, the CBD and Melbourne’s most prominent entertainment and sporting venues.
It is situated in a precinct that has become an increasingly popular corporate location and is home to top 500 companies such as Disney, Uber and Tesla.
The suburb has also attracted major lease commitments from MYOB and job search portal Seek.
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