Apartments of Melbourne placed into liquidation

The view from an Apartment of Melbourne suite at 568 Collins Street.

Apartments of Melbourne has been placed into liquidation.

The short-stay accommodation provider managed 160 serviced suites within three CBD buildings.

Established in 2015, at its peak it had 52 employees and was turning over $10 million per annum.

Two years ago the business was mooted for sale.

Its rent roll includes contemporary residences at Empire Melbourne Central (81 A’Beckett St), 568 Collins St and 555 Flinders St.

Black swan events, supply surge

The bushfires then COVID, two black swan events, contributed to a collapse in Melbourne CBD business travel last year (story continues below).

Apartments of Melbourne managed units at 555 Flinders Street.

Hotel room supply also increased substantially during that period.

AOM was further set back when the state didn’t award it a quarantine or medihotel scheme contract, during either lockdown.

The Victorian government’s subsequent tourism vouchers then excluded metropolitan addresses.

Just six of the operator’s staff were entitled to JobKeeper, director Neil Devonport told The Australian.

AOM has debts of close to $1 million, mostly owed to the Australian Taxation Office and bookings.com.

Cor Cordis partner Sam Kaso is liquidator.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco