Property Development

David Horbelt finds buyer for Carlton hotel Rydges on Swanston

David Horbelt finds buyer for Carlton hotel Rydges on Swanston
Written by The ReReport
As seen in the Source link, written by realestatesource.com.au on 2019-07-12 09:51:08

EXCLUSIVE

Adelaide-based hotel owner David Horbelt appears to have found a buyer for the prominent Rydges on Swanston complex in Carlton, less than a kilometre north of the Melbourne CBD.

The five-star 107-suite hotel occupies a 1762 square
metre site on the north-west corner of Swanston Street and Lincoln Square
North.

It offers city skyline views over a small park, Lincoln
Square.

Known as 701 Swanston Street, the property was offered with vacant possession or a leaseback which would allow the incoming purchaser to refurbish or re-position the hotel, or redevelop the holding.

The hotel was marketed with this concept plan for a much taller building.

Rydges on Carlton is speculated to be trading for well in
excess of $40 million, but this could not be confirmed with brokers, Jones Real
Estate’s Paul Jones and Tim Spargo, and Colliers International’s Oliver Hay and
Guy Wells.

The agents closed an expressions of interest campaign for the property on June 12.

The hotel is configured with a basement car park, ground
floor dining room, function area and rooftop bar.

Zoned Capital City, it was marketed for its potential to make way for, amongst other things, a high-rise student accommodation complex, apartment building, office, or another hotel.

The hotel (outlined) is less than a kilometre from the top of Melbourne’s CBD.