The Jasper Hotel – built by the Young Women’s Christian Association in 1975 as a hostel and office – is for sale.
Owned for eight years by Oriental Holdings chairman Loh Kiang Chong, the asset, on 1072 square metres with development upside, is expected to sell for more than $45 million.
Over nine storeys, it contains 90 rooms, a conference facility, ground floor hospitality and 12 basement car parks.
The former owner modernised it in 2007.
489-499 Elizabeth Street
Jasper Hotel, at 489-499 Elizabeth Street, abuts the 6500 sqm Munro site, which the state government acquired in 2016 to extend Queen Victoria Market.
Early this month we reported Scape is seeking to develop a 25-level student accommodation complex – also near the city’s top tip.
Two residential towers are approved for the airspace of the Munro site – one, the West Building, rising 38 levels, will be held by Mirvac as a Build to Rent investment.
“The [Jasper] site is also set to benefit from the forthcoming State Library and Parkville Metro stations,” Mr Hay said.
“The Elizabeth St corridor contains over $3 billion worth of residential, hotel and commercial developments,” according to the agent (story continues below).
“Assets offering this level of opportunity are rarely offered to market and will undoubtedly be sought after by local, interstate and international investors and owner occupiers,” he added.
“Particularly in major Australian cities, investors and hoteliers maintain confidence in the market over the medium to long term, with rises in demand rippling through from increased domestic tourism and the introduction of international travel bubbles”.
Malaysia based Mr Chong paid $15.5m for 489-499 Elizabeth St.
YWCA an active developer
YWCA established its first major headquarters at Russell St in 1913 and over following decades repurposed many Melbourne mansions as hostels.
The not-for-profit established Richmond House, in the city’s inner east, in 1973 – just before it constructed 489-499 Elizabeth St.
In 2009, the group took over Social Housing Victoria’s property portfolio then, the year after, constructed six residences at Geelong.
Two years ago the YWCA announced it would construct a Bendigo Build to Rent project.
The group is now based at 210 Kings Way, South Melbourne.
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