Australian developers Time & Place has secured Melbourne’s iconic Hotel Lindrum for $50 million. The prestigious property entered the market earlier this month, piquing the interest of many due to the rare opportunity to invest in a highly esteemed Melbourne CBD freehold.
Time & Place secured the 59-room hotel with a permit in place for a 30-level mixed-use hotel and residential project.
More than 200 enquiries were fielded from local, interstate and overseas potential buyers during the sales campaign resulting in several formal offers, The Urban Developer reports.
Time & Place will review the existing plans and has not ruled out the inclusion of an office component based on its experience at nearby Victoria Place and another office project in Sydney’s Alexandria.
“The Lindrum is one of Melbourne CBD’s most recognised buildings,” Time & Place Director Tim Price commented to The Urban Developer.
“It sits front row at the eastern end of the city, and next to one of [architect Harry] Seidler’s most cherished buildings and possibly in the most desirable CBD blocks. We see real value in the Parliament Precinct, being the eastern end of the CBD right into East Melbourne. The intersection of the sporting precinct, CBD and East Melbourne’s historical terrace homes makes it a quintessentially Melbourne location, and we love being a part of the area’s next iteration.”
Hotel Lindrum is the latest example of primely positioned hotel buildings being sold for major redevelopment or repositioning.
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