Andy Zhang lists trophy hotel, office, wellness centre
Andy Zhang has listed the historic Hotel Claremont less than a year after completing a swank 11-level office and wellness centre in the airspace.
About $90 million is expected for the fully leased asset at 189 Toorak Road, South Yarra, sources say.
It contains 5565 square metres of lettable area, or 8041 sqm gross.
A restaurant is set to open on the ground floor from the group behind the suburb’s Gibson at 171 Domain Rd and the Frog Club on Chapel Street.
The site spans 906 sqm.
Cushman & Wakefield agents Oliver Hay, Leon Ma and Daniel Wolman are the agents.
189 Toorak Road
Mr Zhang’s V-Leader acquired the property in mid-2021 from hotel investor Michael Renzella permit-ready for the redevelopment.
The office is part-leased to the architect of the new 49-metre tower, New York-based Skidmore Owings & Merrill, or SOM, as its Asia Pacific headquarters.
V-Leader is also based there, as is Fancourt Capital (continues below).
The Commons Health Club is the largest tenant with 3908 sqm.
Its operation includes fitness and studio areas, a sauna and recovery facilities.
The historic hotel, with its Victorian façade, constructed as the South Yarra Coffee Palace in 1887, has been fully restored.
The annual net rent is $4.9m.
The weighted average lease expiry is 8.25 years.
This pocket of South Yarra is about four kilometres south-east of Melbourne’s CBD.
The deal comes seven months since realestatesource.com.au reported Spotlight Property Group paid $183.5m for the near-new St Germain office at 489-505 Toorak Road, Toorak.
That seller was Bill McNee’s Vicland.
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