Massive Hotel Project in Melbourne, Retail & Commercial Deals

0:00In Sydney today, March 19th, a Philippines-based developer called Hotel 101 has bought a prime site on Flinders Street in Melbourne for well over $25 million. They plan to build a massive 766 room hotel there which would make it the city's largest by far. That tops the current leader, Crown Metropole, with 600 NFA eat rooms. Earlier this year, the site was a car park last sold in 2016 for about $20 million. The previous owner had permits for a smaller hotel project, but now Hotel 101 wants it open by 2029. Their unique approach sells individual rooms to investors through stratatitals, something rare in Australia lately. Meanwhile, Melbourne's hotel scene is heating up. Sterling Global announced a $590 million tower nearby, and Thai investors grabbed the park Hyatt for over $200 million. Dollars last year. But not everything smooth, like the unfinished 500 room, Shangri-La still sitting idle.

1:03Shifting to retail, associates of Kimis Warehouse picked up half a store and busy mooney ponds for $3.22 million, yielding 4%. In Turek, six owners sold their block of flats to a Chinese developer for $8 million at about $8,000 per square meter. Other deals include a big truck stop near Woldonga, going for $21.27 million, and a cremware in office changing hands for $10.5 million to an owner occupier. These sales show strong demand across property types despite some challenges. This DNA story comes to you thanks to our sponsor. Some people meditate. I just lay down and press play. S-O-L-I-SoliPillow.com