Malaysian investor pays more than $16 million for St Kilda’s Habitat HQ backpacker hostel
The Habitat HQ backpacker hostel in Melbourne’s St Kilda has sold to a Malaysia-based investor for more than $16 million.
At 333 St Kilda Road, about six kilometres south of the city centre, the 1612 square metre building returns annual rent of $720,000.
It occupies a 2540 sqm site, also with frontage to Blanche Street, which was marketed for its redevelopment potential.
The CBRE brokers, who confirmed the deal when contacted, said the site could make way for a six level building given current planning controls.
Zoned Commercial 1, it was targeted to residential, commercial, aged care and hospitality developers.
Julian White, David Minty, Chao Zhang and Josh Rutman closed an expressions of interest campaign for the property on August 22.
