After more than 20 years, the site of the 107-room Rydges Hotel in Melbourne’s inner-city Carlton has hit the market, with price expectations of more than $40 million.
The 1,762 square metre, dual-frontage corner lot at 701 Swanston Street, has been under private ownership since 1997 and is available with zoning potential to develop up to a further 18 levels, subject to council approval.
“Blue-chip corner locations overlooking parkland, with two street frontages and an option to develop another 18-levels, aren’t that common in inner-city areas,” Jones Real Estate director Paul Jones said.
Despite operating as Rydges franchise, no contractual obligation exists for the site to continue to operate as a hotel, while the private vendors are rumoured to be open to a range options including straight sale terms, Joint-Venture proposals and long-term settlements.
“A new owner has the option to extend the hotel lease or to explore the site’s huge potential,” Jones said.
“With excellent facilities and an 86 per cent occupancy rate the hotel earnings are very sound.”