Carlton hotel collects $17.4m
A China based operator has picked up Carlton’s vacant Lygon Lodge serviced apartment complex.
The five storey venue with 60 suites and two licensed ground floor retail tenancies at 220-228 Lygon Street cost $17.38 million.
The freehold going concern was also marketed to operators.
As well, Savills’ Rob Williamson, Nick Lower, Julian Heatherich and Benson Zhou targeted developers which might repurpose the structure.
On a 1019 square metre Commercial 1 zoned plot diagonally adjacent to Argyle Square, walking distance to Melbourne Central station, the University of Melbourne and biotechnology precinct apartments or offices could have been considered (story continues below).
The deal comes a year since an offshore investor acquired the John Curtain Hotel at 27-31 Lygon St, opposite Trades Hall, for $5.08m; on 335 sqm, zoned Mixed Use, that property was also marketed for its development upside – up to nine levels.
In September, 2020, meanwhile – when the nation was in lockdown – Adelaide based hotelier David Horbelt sold the five level ex-Rydges on Swanston, overlooking Lincoln Square, to local outfit Pelligra Group which planned to renovate.
That property, on 1762 sqm at 701 Swanston St, with conference facilities and 107 suites, collected $32m.
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