Melbourne, 10 March 2015 – Rising investor interest in the Victorian hospitality market has contributed to a flurry of sales activity involving historic hotels.
Demonstrating this trend, CBRE has been appointed to sell The Continental Hotel in Sorrento and The Waterside Hotel in Melbourne’s CBD.
Built in 1875, the historic Continental Hotel is the only four-storey limestone structure in the Southern Hemisphere and still retains much of its old-world charm. The signature hotel, located at 1-21 Ocean Beach Road, spans 3,579sqm on a gateway corner block. The property benefits from an attractive 38m retail frontage, expansive bay and peninsula views, an established client base and the opportunity for further development.
CBRE’s Mark Wizel and Scott Callow, in conjunction with Rob Curtain from Sotheby’s International Realty, are selling the property freehold and the hotel business via an Expressions of Interest campaign closing 16th April at 2.00pm.
Mr Callow said the hotel’s strategic position in the proven tourist hub of the Mornington Peninsula, which is underpinned by major visitor draw cards, would be a key selling factor.
Mr Curtain added “The Continental Hotel is synonymous with the township of Sorrento and will offer the new owner an established business operation with plenty of scope to further develop and increase the facilities on offer.”
The owners of the Waterside Hotel at 508 Flinders Street are also moving to capitalise on the current buyer interest in Victorian hospitality assets. . Established in 1853, the property benefits from a prime corner site in the heart of Melbourne’s CBD with significant scope for further development and height maximisation.
CBRE’s Mark Wizel, Scott Callow and Josh Rutman are selling the property via an Expressions of Interest campaign.
Mr Wizel said the hotel has been owned and operated by current vendor 508 Flinders Pty Ltd for over 10 years, with the decision to sell driven by the buyer focus on CBD hospitality operations and the strength of the developer and investor markets.
“The site’s strategic position in a proven hospitality market will be a key selling factor and, due to the size of the land holding, it lends itself to a strategic, staged development.”
”A growing number of investors and developers are looking to gain a foothold in the hospitality market with the owners of both hotels being encouraged to sell due to the numerous offers they had received off market,” Mr Wizel said.
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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 (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.