Longriver pays $49.2m for prime city corner

The site includes the former Continental Hotel at the south east corner of Lonsdale and Russell streets.

Longriver has purchased a collection of CBD buildings covering the south east corner of Lonsdale and Russell streets.

Longriver is about to build a hotel on the ex-Melbourne Theosophical Society headquarters.

The off-market deal, formalised by Emmetts’ Charles Emmett just before last year’s national lockdown (but entered into more than 12 months earlier), is worth $49.22 million.

Included is the four-storey former Continental Hotel, trading nowadays as the Heartbreaker bar, a two floor extension fronting Belman Place, and one and two level retail buildings.

All up the amalgamation, 157-173 Lonsdale Street, spreads 1137 square metres.

Zoned Capital City 1, the airspace can make way for a major skyscraper.

Elsewhere in the CBD, Longriver five years ago completed a 44-storey residential project, La Trobe Tower, with 207 dwellings.

The group is also seeking to construct a 190-key hotel, Russell Place, on several Russell St sites including the ex-Melbourne Theosophical Society headquarters (story continues below).

The Capital City 1 zoned Lonsdale Street site.

Busy city pocket

Longriver’s latest properties are diagonally adjacent to QV, which includes offices, a shopping/entertainment precinct and apartment towers – one rising 47 floors.

Charter Hall’s Wesley Place, which contains three offices, is also in the pocket.

PDG and Schiavello Corporation’s 318 Abode, with 55 levels and 436 dwellings, is nearby too.

Earlier this week we reported Scape paid $32.5m for a nearby former 7-Eleven with plans for a 27 storey apartment building with ground floor retail.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.