The 1,762 square metre, dual-frontage corner lot at 701 Swanston St, has been under private ownership since 1997 and comes with zoning potential to increase the development scale on the site, subject to council approval.

Operating as Rydges on Swanston Hotel, there is the potential for vacant possession allowing a multitude of future uses. Alternatively the private vendors are open to a range of offers including straight sale terms, Joint-Venture proposals and long-term settlements.

Paul Jones and Tim Spargo of Jones Real Estate in conjunction with Colliers International’s Guy Wells and Oliver Hay are managing the sale, via an Expressions of Interest.

Click here to view the full listing on The Hotel Page with the EOI Close Date.

Colliers International’s Guy Wells, Associate Director – Hotels said “A new owner has the option to owner occupy the hotel and take advantage of the locational benefits or to increase the room count and appeal to a broader market set. With a strong occupancy rate of around 86% coupled with a significant conferencing and food and beverage offering, the hotel earnings are very sound.”

“At the same time the development opportunities cannot be understated. With the growth of the Student population surrounding Melbourne University and RMIT and increased transport with the Metro Tunnel and nearby Parkville Station further drives the appeal of the location. There is significant potential for a new build hotel, Purpose Built Student Accommodation product or educational offering.”

Jones Real Estate Managing Director Paul Jones said the site’s extraordinary development potential, coupled with highly flexible sale terms, presented buyers with a “genuine development blank canvas”.

“Recent activity in the area has demonstrated a strong demand for quality assets, and the development potential of this site makes this a really rare opportunity,” Jones said.

Click here to view the full listing on The Hotel Page with the EOI Close Date.

“Blue-chip corner locations overlooking parkland, with two street frontages and an option to develop approximately 15 levels (subject to Council Approval), aren’t that common in inner-city areas.

Spargo said that Carlton’s diversity would allow developers to capitalise on a sought-after location supported by the area’s perennial popularity.

“Carlton is a place where people live, work, dine and study,” Spargo said.

“A modern development meeting the needs of the area’s mixed demographic could be Carlton’s next standout property. The size of the lot combined with its premium location open up a wide range of possibilities for mixed-use developments with a well-situated pocket precinct.

“This site provides buyers with a truly strategic position. Lygon Street’s eclectic shopping and dining are immediately east of the site. Melbourne’s major universities, hospitals and research facilities are to the west.”

Click here to view the full listing on The Hotel Page with the EOI Close Date.

This is a Feature Property.

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