Brady picks up apartment complex for hotel
Brady Group has swooped on a recently completed apartment complex with plans to convert it to a hotel.
The deal for 388 Lonsdale Street – opposite Hardware Lane – is worth about $80 million, according to sources.
The vendor, China backed Aurumstone Group, paid education entrepreneur Shesh Ghale $20.5m in 2013.
At the time the building was a 12 level, 6902 sqm office converted school campus.
The residential conversion – which added seven floors to create 147 dwellings, a mix of one and two bedrooms – took place last year.
The asset was marketed by Colliers’ Trent Hobart, Jozef Dickinson and Matthew Meynell with JLL’s Josh Rutman; Brady settled in late July.
Elsewhere in Melbourne, Aurumstone has completed apartment complexes at Box Hill, Burwood East and in the city, at 299 King St (story continues below).
Brady Hotels Hardware Lane
Brady has already started seeking occupants for the Lonsdale St guesthouse; branded Brady Hotels Hardware Lane, it is set to open next month.
Set to trade 24 hours, the asset includes a dining and lounge area, gym and rooftop with a spa. There is also an 851 square metre ground floor retail space.
Units in the new, upper storeys, contain balconies.
Elsewhere in the CBD, Brady holds hotels at 111 Little Lonsdale St and 30 Little La Trobe St.
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