Sebel Moonee Ponds earns $40m for Caydon

The eight storey Sebel Moonee Ponds contains 97 suites, function rooms, a cafe, gym (pictured) and shops.

A 97-suite hotel listed for sale in 2018, and completed last year, has traded for $40 million.

Sebel Moonee Ponds at 41 Homer Street is one of several structures within Mason Square, a mixed-use but predominantly residential village replacing a 1.34 hectare piece of the former Moonee Ponds Market, seven kilometres north west of Melbourne.

Caydon, established in 1999 by Joe Russo, paid $42m for the land making way for its c$650m project, five years ago.

It started constructing the first of several high-rise apartment towers in 2017.

Some 1200 flats were master-planned.

Colliers International’s Guy Wells, Gus Moors and Rob Joyes concluded the sale of Sebel Moonee Ponds for Caydon last December.

Public records show it settled to a company controlled by the Scerri family, whose portfolio of hospitality assets also includes Croydon’s Dorset Gardens, the Roxburgh Park Hotel and The Chase in Forest Hill (story continues below).

A suite balcony at the Accor-brand managed hotel, overlooking Mirvac’s Moonee Ponds Central – near the suburb’s Puckle Street retail strip.

Accor is on a 15 year rental agreement at Moonee Ponds.

Over eight floors, the hotel is designed with a cafe, function rooms, gym and shops. It contains 39 underground car parks, too.

“The inner north west of Melbourne is seeing significant growth and development of commercial office and residential properties with limited short-term accommodation offerings,” Mr Wells said upon listing the property.

“Sebel Moonee Ponds located in the immediate proximity of all forms of retail amenity and transport will truly benefit from the surrounding development and become the hotel of choice for those visiting from the area”.

Also, we reported today, Caydon sold a strata titled retail investment on the ground floor of a nearby tower, 40 Hall St, to a Darwin investor, for $1.025m.

Moonee Valley Racing Club was last August approved to redevelop the Moonee Ponds Racecourse, 750m from Mason Square, with a $2 billion village containing residential and commercial components around a re-aligned racing track.

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Marc Pallisco

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

Marc Pallisco