Sebel Moonee Ponds collects $40m for Caydon

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

A 97-suite hotel completed last year, has traded for $40 million.

Sebel Moonee Ponds at 41 Homer Street is one of several assets at Caydon’s 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.

The developer, established in 1999 by Joe Russo, paid $42m for the land five years ago then master-planned a redevelopment with c1200 units, shops and the guesthouse.

Construction of the first of apartment towers started in 2017.

The end value of its redevelopment is mooted at c$650m.

Colliers International’s Guy Wells, Gus Moors and Rob Joyes marketed Sebel Moonee Ponds.

Manager, Accor, is on a 15 year lease.

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

Sebel Moonee Ponds

The eight floor hotel is designed with a cafe, function rooms, gym and shops.

It also contains 39 underground car parks.

“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 when the property was listed.

“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, 750 metres from Mason Square, with a $2 billion mixed-use village around a re-aligned track.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of