Pegasus Apart’Hotel at 206 A’Beckett Street, a prized address due to its proximity to the legal precinct, universities and Queen Victoria Market has been placed on the market by its original owner, a high net worth family based in Malaysia.

JLL’s Capital Markets and Hotels & Hospitality teams led by Josh Rutman, Peter Harper, Nick MacFie and MingXuan Li have been appointed to undertake an International Expressions-Of-Interest campaign.

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The 25-storey building comprises 278 apartments including studios and two-bedroom configurations, together with two penthouses. It is currently operating as a serviced apartment facility with some long- term residential tenancies, however vacant possession is available.

With a Gross Floor Area of 22,512 square metres (approximately), the building is zoned Capital City 1, which allows an array of uses including residential, hotel, office, build-to-rent and co-living. Key features within the building include a restaurant and bar, three conference rooms, indoor lap pool, fitness centre and secure basement car park for 80 vehicles.

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Mr Rutman says, “Major development around the Queen Victoria Market will significantly enhance the neighbourhood amenity of 206 A’Beckett Street. In particular, the property will benefit enormously from the City of Melbourne’s five-year market renewal program which encompasses a $450 million development on the corner of Therry and Queen Streets.”

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“Owing to its excellent level of guest amenity and convenient location, the property has historically enjoyed a strong trading performance driven by high levels of occupancy. Whilst the Melbourne hotel market does continue to face some challenges, we expect a number of investors will look to capitalise on the legacy of the property through a re-branding exercise. Alternatively, we are also anticipating strong interest from groups in the residential and living sectors given the flexibility of the building and evolution of the precinct.” Mr Harper said.

Expressions-Of-Interest for 206 A’Beckett Street, Melbourne close on 25 August 2021 at 2pm.

For more information contact the agents via the contact forms below.

Click here to view the listing.

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