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  • Melbourne listing tipped to attract hotel and student accommodation groups

Melbourne listing tipped to attract hotel and student accommodation groups

Melbourne | 5 September 2019
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Boutique funds management company Serene Capital has listed the Ibis Swanston Street in Melbourne for sale in a move tipped to generate significant interest from hotel and student accommodation groups.

CBRE Hotels agents Wayne Bunz and Scott Callow have been appointed to manage hotel group enquiries, with Guy Wells of Colliers International to handle student accommodation interest.

The hotel is being sold as a Freehold with the associated operating business. It features 235 guest rooms, a leased café, restaurant and parking – offering both room income and fixed income streams from the leased components. 

“Many buyers are looking to introduce new hotel brands to the Melbourne market, which is driving interest in assets such as Ibis Swanston Street, which are available with vacant possession,” said CBRE Hotels Senior Director Scott Callow.

“The property’s prime northern CBD location will be another drawcard, with the asset located in one of Melbourne’s most in demand precincts, offering access to tram services and the new $11 billion Melbourne Metro Rail Tunnel.”

The property also benefits from its proximity to Melbourne University and RMIT in the heart of the CBD’s university district. The surrounding student population numbers over 130,000 and benefits from strong international enrolments at surrounding institutions, with approximately 55,000 international students.

Colliers International agent Guy Wells noted; “Ibis Swanston Street is centrally located amongst many of Melbourne’s largest and most recently developed student accommodation facilities and the floorplans could easily be repositioned to suit the student accommodation sector.”

Developed six years ago, the hotel also offers substantial depreciation benefits for an incoming purchaser.

International Expressions of Interest close  October 15, 2019.
For Australian/international news or global stories, follow us on Twitter: @cbreaustralia

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), 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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.

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