Belgrave Group – the development company owned by architect Ben Genser – has sold a vacant six-storey hotel under construction in Melbourne’s inner east Cremorne, for $11 million.
At 375-377 Punt Road, near the Richmond train station and new P-intersection with Swan St, the property is selling to a private investment group with a history of developing serviced apartments.
It has earmarked 61 suites.
Opposite and with aspect over Goschs Paddock, the Cremorne asset is walking distance to AAMI Park, Melbourne Park, MCG and Royal Botanic Gardens.
It contains a rooftop, twin level basement with the potential to fit 18 cars, and ground floor retail (story continues below).
The site spreads 450 sqm. A high-rise wall has the potential to make way for a digital advertising screen.
When CBRE’s Scott Callow launched a marketing campaign earlier this year, it was promoted that the approved 3161 sqm shell could be repurposed into some other type of use.
Cremorne – a popular suburban office market – is less than two kilometres from the city.