Apr 11 2017Add to Favorites
Melbourne, 11 April 2017 – Melbourne’s waterfront Beach Hotel and neighbouring Foodworks Supermarket has been purchased by Mainland Chinese investors after a hotly contested sales campaign.
Located on a 1,712sqm landholding – in one of Melbourne’s most sought after areas, Albert Park - the Beach Hotel is a two-storey venue situated directly across Port Phillip Bay.
Built in the 1880s, the venue has undergone significant refurbishment over the years, to feature an outdoor courtyard, function spaces, bar and dining rooms and guest rooms on the second level.
Situated within 4km of the Melbourne CBD, the venue benefits from a prime corner position in the populous suburb.
CBRE’s Scott Callow and Mark Wizel marketed the sales campaign, which was strongly contested given the property’s prime position.
“Located in the heart of Albert Park, The Beach Hotel and neighbouring Foodworks supermarket service a prosperous inner bayside suburb of established families and independent young professionals,” Mr Callow said.
“This affluent suburb is earmarked for future residential development, which will ensure this venue is well positioned to benefit.”
Mr Wizel said the property attracted buyer interest from a wide range of local and offshore groups.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
SOURCE: Press Release
More private investors will have access to individual, first mortgage secured loans, which produce a monthly income, via an online platform launched by Balmain Private.
In November 2017, real estate investment manager and advisory group, Ashe Morgan, closed its capital raising for its recent purchase of the Health and Forestry buildings in Brisbane adding to the assets it now manages on behalf of its investors.
Australia / Brisbane
The recent sale of the Chinatown carpark by a Trust managed by Sydney based property group Ashe Morgan in Brisbane's Fortitude Valley for $64 million, ended an energetic 2017 for the group in Queensland which also saw the group purchase the Health and Forestry buildings in the Brisbane CBD for $66million.
Australia / Brisbane
Creating an account with MP Report allows you to save articles and update your preferences to filter the content based on your interests and what content you would like to receive from us via our email alerts and newsletter.SIGN UP HERE >