Aged care provider buys ex-Best Western
An ex-Best Western in Melbourne has sold to a Queensland-based aged care provider following an off-market deal.
Now the Tudor Box Hill Motel, it is the buyer’s maiden Melbourne property.
At 1101-1107 Whitehorse Road, on the north-east corner of Simpson Rd, beside a small retail strip, the site spans 4120 square metres, with motel rooms, serviced apartments, a restaurant, conference facilities and an indoor pool, gym, spa and sauna.
It had operated as a motel since 1985.
Box Hill, in recent years dubbed Melbourne’s second city given rampant apartment development, is about 14 kilometres east of the CBD.
Next chapter for ex-Best Western
Also once trading as the Best Western Tudor Box Hill, the property was refurbished by manager Mark Pelosi in 2011, when 26 serviced apartments were added to the existing 50-room hotel.
The $18 million revamp replaced older units and added a basement car park and four-storey apartment building.
“The purchaser had been actively seeking a suitable Melbourne opportunity, and the scale, prominent corner position and underlying development potential of 1101 Whitehorse Rd made it an ideal entry into the market,” Stonebridge Property Group’s Chao Zhang, who marketed the property with Andrew Milligan, Julian White and Lucas Duffy, said (continues below).
“Throughout the process, we introduced the purchaser to leading Melbourne-based planning, architectural and legal consultants, allowing them to assess the opportunity efficiently and proceed with confidence,” according to the executive.
Mr Milligan added interstate developers are active in the local market.
“This transaction demonstrates the value of maintaining close relationships with active buyers before a property is formally brought to market,” he said.
“By understanding the purchaser’s requirements and introducing the opportunity directly, we were able to secure a strong unconditional result for the vendor through a highly targeted off-market process,” he added.
The deal comes three months since realestatesource.com.au reported an offshore investor paid $15.5m for a large-format retail investment at 321 Middleborough Rd, Box Hill South, anchored by Genesis Fitness Club and Legend Billiards Club.
In February a China-based operator paid $30.7m for the hotel component of the Trio mixed-use precinct at 845-849 Whitehorse Rd, Box Hill.
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