Melbourne

Famed Commercial Hotel sold to local investor

Melbourne’s famed Commercial Hotel has sold with vacant possession for $2.5 million.

06 Jun 2018

Melbourne’s famed Commercial Hotel has sold with vacant possession for $2.5 million. 

Positioned on Whitehall Street, Yarraville overlooking the Maribynong River in Melbourne’s West, the hotel sold to a local value-add investor who plans to refurbish the current improvements and re-lease. 

CBRE’s Mark Wizel, Nathan Mufale and Will Connolly in conjunction with Cropley Commercial transacted the sale. 

Mr Mufale said the Westgate Tunnel, which is opposite the hotel and currently under construction, is a good indicator of future growth for the location and helped instill confidence in prospective buyers.

“Our campaign was focused on achieving the widest local, interstate and international exposure to ensure that we achieved the strongest result of our vendor,” Mr Mufale said. 

“When Yarraville’s Commercial Hotel closed its doors earlier this year it signified the end of one era and the beginning of the another. This is a strong result for Yarraville and the product of the diverse experience in selling alternative and strategically located assets in Melbourne suburbs,” Mr Wizel added.  
 
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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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 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.

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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 https://www.cbre.com.