The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FULL PROGRAM RELEASED FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FULL PROGRAM RELEASED FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
VIEW FULL AGENDADETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
7
print
Print
OfficeTue 16 Apr 19

IPG Puts Novotel and Century Walk on the Block

debc277c-65e5-41a2-a8bc-2ee7de8a8272

Sydney-based investment manager iProsperity Group has put two major assets in Melbourne’s south-east, the Century City Walk Shopping Centre and the adjoining 200-room Novotel Melbourne hotel on the market.

The divestment move comes after iProsperity snapped up the Novotel Melbourne Glen Waverley for $73,666 million in 2016, and the shopping mall for $45 million the following year.

The Century Walk shopping mall, located on a 10,308sq m site in Glen Waverley, will be sold with a net passing income of $2.89 million per annum, tenants include an eight-screen Village Cinema complex, Strike Bowling, and Pancake Parlour.

The Accor-operated Novotel has a current annual income of $5.1 million.

CBRE’s Mark Wizel, Lewis Tong and Josh Rutman are managing the sale of the Century Walk component, while Savills’ Michael Simpson and Vasso Zographou are managing the sale of the Novotel component.

Related: Chinese Developers Double Down on Australian Property

In neighbouring suburb Burwood East, shopping centre Burwood One was sold to a Melbourne-based buyer from Hong Kong for $181.5 million in November last year.

“The Burwood One sale underlined just how strong the demand for assets in this region have become in attracting one of the strongest fields of potential purchasers for any asset in Melbourne over the last few years and that included a significant contingent of high net worth bidders backed by Asian capital,” Wizel said.

IPG, which handles investment on behalf of Asian investors, paid $158 million for a Sydney hotel at 59 Goulburn Street in a consortium with Toga D&C in 2017. A penchant for auspicious numbers, it also struck a deal for the $88.888 million purchase of an office tower at 333 Kent Street Sydney.

Related: Hotel Transactions Slump to Six Year Low

Simpson said the Novotel stood to benefit from continued growth in tourism, the low Australian dollar, low interest rates as well as the lack of competition and available stock.

“There are a range of factors which continue to underpin the robust Australian hotels market. Those hotels that are situated in the best locations, such as the Novotel Glen Waverley, are well placed to experience continued growth.”

HotelRetailAustraliaMelbourneReal EstateSector
ADVERTISEMENT
TOP STORIES
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
Exclusive

Fortis Reveals Plans for Coveted Bowen Terrace Site

Taryn Paris
4 Min
Exclusive

Accor Deputy Delivers Verdict on Brisbane Games Hotel Shortfall

Phil Bartsch
6 Min
Qld Budget 2025-26 Brisbane City
Exclusive

Billions Promised, Now Deliver: Industry’s Qld Budget Verdict

Vanessa Croll
6 Min
View All >
Residential

Consolidated Reveals Next Riverfront Play in $64m Deal

Leon Della Bosca
Charter Hall’s $925m Hyde Park skyscraper
Planning

Charter Hall $925m Sydney Skyscraper Wins City Backing

Vanessa Croll
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
The sector’s productivity has slumped and it’s costing the nation. But has the industry been looking in the wrong place …
LATEST
Residential

Consolidated Reveals Next Riverfront Play in $64m Deal

Leon Della Bosca
3 Min
Charter Hall’s $925m Hyde Park skyscraper
Planning

Charter Hall $925m Sydney Skyscraper Wins City Backing

Vanessa Croll
3 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
A rendering of the three-storey apartment project Arca by Red & Co at Stafford near Brisbane.
Residential

‘Confident’ Red & Co Starts Work on Stafford Apartments

Marisa Wikramanayake
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/ipg-puts-novotel-and-century-walk-on-the-block