The site is offered for sale for the second time in just over 2 years after a perceived restrictive planning scheme amendment caused the sale to fall through in 2015.

Today, 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.

It was on the market in July 2015 and under a due diligence contract with a foreign Chinese investor. Due to a change in the Melbourne Planning Scheme at the time, it was perceived that amendment C270 would restrict use of the property and as a result, it led the investor to renegotiate on the sale. The property was then taken off the market.

Vendors Julie Moss, owner of Melbourne’s Photography Studies College, and Webjet non-executive Director, Steven Scheuer, have since gained an approved demolition and construction permit for a 30 storey, 100m tall mixed use hotel development, highlighting that the amendments weren’t as detrimental as originally perceived.

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 accomodation addresses a gap in the Melbourne hotel market which sits below it’s 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, with Ms. Moss’ Photography College keen to occupy as a tenant.

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 in early December.

Click here to download the Information Memorandum for 63-69 City Road Southbank.

For further information phone or email Joseph Walton of Allard Shelton via the below contact details.

This is a promoted article.

See also:

JV announced for new $600 million 85 Spring Street hotel development

Expansion continues for Mantra Group with new hotel opening in 2018

Australia records second highest hotel transaction volume in Asia Q3 2017