Ex-AFL star moves Melbourne hotel
EXCLUSIVE
AFL star turned property developer Jose Romero has moved a contemporary suburban Melbourne hotel.
The Punthill Essendon North at 261 Keilor Road, Essendon, traded to an investor for $10.85 million – a 6.6 per cent net passing yield based on the income when it was listed the year earlier.
Expectation was c$15m – which would have reflected a c4.8pc return.
Mr Romero, via a company, Romero Property Group, paid $1.865m for the 645 square metre Commercial 1 zoned block which made way for the hotel in mid-2017.
At the time the amalgamation – with 16 metres Keilor Rd frontage – contained two shops in front of a three bedroom house.
It is near a pocket recently designated by the Allens government as appropriate for high-density, high rise housing, where Woolworths just bought a shopping centre.
Déjà vu development
Completed in early 2023, Punthill Essendon North contains 40 self-contained suites – 14 studios, 6 one-bedrooms and 10 two-bedrooms – all with a balcony. The building also includes conference and meeting rooms, a gym, laundry and 11 car parks.
Veriu backed Punthill is on a lease expiring in 2027 with three options (five, 10 and five years)
The hotel is the second in Essendon Mr Romero completed for Punthill; the other, in Mt Alexander Rd, trades as Punthill Essendon Grand.
The former North Melbourne and Western Bulldogs footballer, who retired from sport in 2001, now runs construction company EVR Group.
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