Ghale lists CBD corner as Sir Charles Hotham restoration wraps
Melbourne’s north-western CBD tip is set for another development shake-up, with Shesh Ghale putting a landmark corner site on the market.
The move comes as another of his high-profile properties, the Sir Charles Hotham Hotel, at the south-west corner of the city, emerges from a major restoration.
The ex-City Mazda dealership opposite Flagstaff Gardens at 388 William Street, on the south-east corner of Franklin St, is expected to trade for about $90 million.
Spanning 3915 square metres with 128 metres of road frontage, it comes permit-ready for a 36-level mixed-use project.
Cushman & Wakefield’s Oliver Hay, Daniel Wolman and Leon Ma with MP Burke Commercial’s Pat Burke are the agents.
Trophy corner site
Mr Ghale, who co-founded Melbourne Institute of Technology (MIT) with his wife Jamuna Gurung 30 years ago, paid $17.8m for 388 William St in 2009 – less than two years after the Global Financial Crisis.
In 2015, it was earmarked for a part-residential, part-hotel project with retail and car parking.
In 2019, an office/hotel was proposed which would retain the former Mazda building, presently a shell.
The gross building area of the permitted tower is an enormous 63,700 sqm.
“Permit-approved development sites of this magnitude are becoming increasingly difficult to secure in the CBD,” Mr Hay said.
Mr Ma added the combination of scale, planning certainty and the site’s position opposite Flagstaff Gardens made it difficult to replicate (continues below).
“Few Melbourne CBD sites can offer permanently protected park views on one side and the transformation of the Queen Victoria Market precinct on the other,” according to the executive.
Sir Charles Hotham Hotel revamp complete
The listing comes as another of Mr Ghale’s prominent Melbourne properties – the Sir Charles Hotham Hotel, at the north-east corner of Spencer and Flinders streets, has reopened after a major revamp.
Rather than proceed with the proposed tower addition, the executive undertook a comprehensive restoration of the historic hotel, including removing the white paint from its façade to expose the original red brick.
The c1913 hotel had suffered a period of neglect under its former owner.
Mr Ghale paid $27.1m in 2017.
Shortly after, an application was lodged to build a four-star, 200-room hotel in the airspace.
The proposed development did not proceed, with Mr Ghale instead undertaking the restoration now completed.
Covering 2-8 Spencer St and 566-580 Flinders St, it is occupied by backpacker hostel Nomads Melbourne.
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