Chaolong Developments pays c$145 million for Glen Waverley’s Century City Walk and Novotel

Chaolong Developments is paying about $145 million for the Century City Walk and Novotel Melbourne Glen Waverley.

Chaolong Developments is paying about $145 million for Glen Waverley’s 200-room Novotel and neighbouring Century City Walk shopping centre.

Chaolong Developments is backed by three Chinese-born Melbourne-based executives.

The vendor is iProsperity, an investment manager directed by Michael Gu, which represents high net-worth Asian investors.

iProsperity paid $73.7 million for the seven-level hotel in December, 2016: the Accor-managed building, branded Novotel Melbourne Glen Waverley (pictured, top), generates a yearly rent of $5.1 million.

Months later, it spent $45 million on Century City Walk (pictured, above). Anchored by cinema, Village, the shopping centre includes c8400 sqm of area and returns a net passing annual income of $2.89 million.

The two investments occupy an amalgamated 1.03 hectare block.

CBREs Mark Wizel, Lewis Tong and Josh Rutman with Savills’ Michael Simpson and Vasso Zographou marketed the Glen Waverley investments.

The deals come 10 months after iProsperity sold the former Hilton Hotel, now known as Pullman on the Park, in East Melbourne, for about $200 million.

Also last September, iProsperity sold a 122-room hotel at 27 Park Street, in the Sydney CBD, for $54 million – a capital gain on the $46 million it paid in 2016.

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Marc Pallisco

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