A nine-storey Hyatt Place in Springvale is off the table with the site it was earmarked for selling this week to an occupier proposing a shorter office.
The 5186 square metre Commercial 1 zoned offering, 2-10 Springvale Road and 1690 Centre Rd, achieved $7 million.
Adjacent to the Princes Highway – it sees cars pass 30.6 million times a year.
The suburb’s 36,000 sqm IKEA – Melbourne’s biggest – is about 1.3 kilometres away.
Gross Waddell’s Michael Gross and Danny Clark with Savills’ Clinton Baxter and Jesse Radisich marketed the property for mortgagee Manda Capital.
It was formerly controlled by PE Capital which spent $5.6m in two tranches four years ago (story continues below).
The Hyatt Springvale plan
PE secured Hyatt to occupy the planned 200-key Springvale hotel in May, 2019.
The investment would also have included a co-working office component, conference rooms and retail.
The suburb forms part of the Monash Employment and Innovation Cluster, the city’s second largest work zone after the CBD, which is 22 km away.
Just before Christmas last year, Manda sold a South Melbourne office for $8.55m.