Michael Renzella lists South Yarra hotel

The property comes permit-ready for a 13-level apartment and office complex.

Postscript: this property has now sold. Read our story here.

Investor and developer Michael Renzella is selling South Yarra’s c1886 Hotel Claremont.

On 906 square metres at 189 Toorak Road, on the north west corner of Claremont Street, the three storey building contains 81 suites and two retail tenancies.

It is being offered permit ready for a 10-level extension – a scheme with 57 apartments, 1195 sqm of offices and four shops.

The listing comes three months since Emmetts sold the arcade next door – South Yarra Square – and a row of shops beside that, to Oreana, which is proposing a mixed-use but predominantly hospitality based project (story continues below).

Teska Carson’s Luke Bisset and Michael Ludski are marketing Hotel Claremont with $20 million-plus price hopes.

In 2015, Renzella Group divested the historic Hotel Charsfield at 482 St Kilda Rd to Beijing based Ever Bright Group for $28m.

The local developer is also seeking to double the height of a three-level mixed-use building at 63-73 Fitzroy St, St Kilda.

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Marc Pallisco

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