Malaysian group Tune Hotels has secured a prominent infill site in one of Melbourne’s fastest growing CBD pockets for $18,500,000.
CBRE’s Josh Rutman, Mark Wizel and Paul Tzamalis negotiated the sale of the 1,741sqm property, which stretches between Flinders Street and Flinders Lane, on behalf of AMP.
Mr Rutman said the property was hotly contested from both domestic and offshore groups during the sales process, with significant interest from a number of Chinese and Malaysian groups.
“Prominently positioned in this growing end of the CBD, the property represents an outstanding opportunity to capitalise on the growing appeal of this area with an exciting project,” Mr Rutman said.
Tune Hotels CEO Mark Lankester said the group was thrilled with the opportunity to make its foray into the Melbourne market.
"Australia has, for a long time, been a country that we see strong growth prospects for and we are delighted to continue investing in those prospects,” Mr Lankester said.
“Melbourne is a city that we are very familiar with and the opportunity for the hotel accommodation market, coupled with strong overall visitor growth, ticks all the boxes for us.”
CBRE’s Josh Rutman, Mark Wizel and Paul Tzamalis negotiated the sale of the 1,741sqm property, which stretches between Flinders Street and Flinders Lane, on behalf of AMP.
Mr Rutman said the property was hotly contested from both domestic and offshore groups during the sales process, with significant interest from a number of Chinese and Malaysian groups.
“Prominently positioned in this growing end of the CBD, the property represents an outstanding opportunity to capitalise on the growing appeal of this area with an exciting project,” Mr Rutman said.
Tune Hotels CEO Mark Lankester said the group was thrilled with the opportunity to make its foray into the Melbourne market.
"Australia has, for a long time, been a country that we see strong growth prospects for and we are delighted to continue investing in those prospects,” Mr Lankester said.
“Melbourne is a city that we are very familiar with and the opportunity for the hotel accommodation market, coupled with strong overall visitor growth, ticks all the boxes for us.”
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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 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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.
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 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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.
