Offshore hotel investors trade Melbourne site
DoubleDragon Property Corp subsidiary Hotel 101 has bought a permit-ready hotel development site exposed to two Melbourne CBD roads.
The 1741 square metre holding, 540 Flinders Street and 539-545 Flinders Lane, is speculated to be setting the Philippines based group back more than $25 million.
Vendor, Malaysia based Time Hotels, outlaid $19.92m in 2016.
It also obtained a permit for a hotel with 457 suites and 80 serviced apartments.
The tallest tower would rise 30 floors from Flinders Lane while a second building, of 24 levels, will face Flinders St (continues below).
The gross area will circle 22,491 square metres.
The property failed to sell in 2022.
Different agents brokered the latest deal – CBRE’s David Minty, Nathan Mufale and Trent Hobart.
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