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Written by Marc Pallisco
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Wednesday, 16 June 2010 00:03 |
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 THE Youth Hostels Association of Victoria is offloading a 56-room backpacker hostel at 76 Chapman Street, in North Melbourne.
The existing three-level building is expected to arouse interest from developers who may propose a higher density project for the 1023 square metre site, possibly with a component of public housing.
Alternatively, according to Teska Carson director Larry Takis, the existing building could be reconfigured into standard “own your own” apartments, and then onsold.
Mr Takis is expecting about $3.5 million when the site is put to auction with vacant possession on June 30.
Currently operating as Melbourne Oasis YHA Hostel, the site is a block from Flemington Road, and near the $45 million, eight-level, 88 unit project, under construction by Evolve Development, a joint venture between entrepreneurs Ron Walker and Ashley Williams.
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