A Southbank development site in Melbourne has been sold to hotel developer/operator Pro-Invest for $25 million, paving the way for a landmark project.
The AFR reported that the developer planned to build its fourth Holiday Inn Express under a franchise agreement with InterContinental Hotels Group on the dual development site at 35-47 City Road.
Opera Australia and its adjoining neighbour joined forces last month to list for sale the two high profile properties at 35-41 and 43-47 City Road, comprising a total land area of 1,704sqm.
CBRE Melbourne City Sales agents Josh Rutman, Mark Wizel and Lewis Tong represented the two owners during an International Expression of Interest campaign, which attracted over a dozen offers from a broad range of local and offshore developers.
Pro-Invest Managing Director Tim Sherlock told The AFR that the company would be seeking a permit for 300 hotel rooms across 20-storeys.
Mr Rutman said the buyer would capitalise on the property’s premier location in close proximity to the CBD, Crown Entertainment Complex and Royal Botanic Gardens.