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Chinese investors secure prime beachfront venue in Melbourne's Albert Park

Invest / Development Finance

Australia

Apr 11 2017

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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

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