David Horbelt finds buyer for Carlton hotel Rydges on Swanston

EXCLUSIVE

Adelaide-based hotel owner David Horbelt appears to have found a buyer for the prominent Rydges on Swanston complex in Carlton, less than a kilometre north of the Melbourne CBD.

The five-star 107-suite hotel occupies a 1762 square metre site on the north-west corner of Swanston Street and Lincoln Square North.

It offers city skyline views over a small park, Lincoln Square.

Known as 701 Swanston Street, the property was offered with vacant possession or a leaseback which would allow the incoming purchaser to refurbish or re-position the hotel, or redevelop the holding.

The hotel was marketed with this concept plan for a much taller building.

Rydges on Carlton is speculated to be trading for well in excess of $40 million, but this could not be confirmed with brokers, Jones Real Estate’s Paul Jones and Tim Spargo, and Colliers International’s Oliver Hay and Guy Wells.

The agents closed an expressions of interest campaign for the property on June 12.

The hotel is configured with a basement car park, ground floor dining room, function area and rooftop bar.

Zoned Capital City, it was marketed for its potential to make way for, amongst other things, a high-rise student accommodation complex, apartment building, office, or another hotel.

The hotel (outlined) is less than a kilometre from the top of Melbourne’s CBD.

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Marc Pallisco

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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