One of the most prized assets on Melbourne’s student accommodation ‘Golden Mile’, UniLodge Carlton & Essence Hotel, will be put on the market this week by owner, Sydney based Serene Capital.

JLL’s Hotels & Hospitality’s Peter Harper and Nick MacFie alongside Alternative Investments’ David Hill have been exclusively appointed to sell the asset.

Originally built as a hotel, the property was repurposed just over a year ago to provide dynamic hotel and student accommodation components that can address changing demand needs from both sectors in order to maximise financial performance.

The property features 235 guest rooms across five levels which are currently split 60% student accommodation and 40% hotel product. Guest facilities include a commercial-grade communal kitchen, numerous dining / study / social areas, gymnasium, business centre and secure basement carparking.

It is currently managed by UniLodge, however vacant possession is available.

The asset is prominently located on the edge of the Melbourne Central Business District on the major arterial Swanston Street which connects the northern and southern fringe of the CBD and provides direct access to the city and the St Kilda Road precinct.

Most notably, it is in the heart of the most sought-after student accommodation precinct, surrounded by some of Melbourne’s best universities including RMIT and The University of Melbourne, and also boasts an enviable position amongst some of the city’s key hotel demand drivers.

“Situated within Melbourne’s main tertiary education precinct and with excellent connectivity to the CBD, the Golden Mile has long been the most sought after by student accommodation owners and operators. Following the opening of Australia’s borders in February, we’ve seen student accommodation assets in the area quickly get back on the path to historic occupancy levels, and the short to medium term prospects for financial performance is very strong”, said David Hill.

“This sale represents both the first major student accommodation and mid-scale hotel offering in Melbourne in quite some time. With the ability to re-brand or re-position, plus the opportunity to purchase below replacement cost, we are anticipating interest from a wide range of investor types, owner operators and end-users”, added Peter Harper.

Expressions-of-Interest for 609 Swanston Street, Carlton close on Thursday September 22 2022 at 2pm (AEST).

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