The former Bayview on the Park, opposite Albert Park Lake, is under offer.
On a triple block spreading 6966 square metres, the property, 50-52 Queens Road, is understood to be selling for more than $70 million to Aware Super and Altis Property Partners for a Build to Rent project.
The vendor, Malaysia’s Oriental Holdings subsidiary Bayview International Hotels & Resorts, paid $6.786m in 1993.
With 203 suites, the four-star hotel ceased operating early last year.
It was marketed to occupiers, investors or developers which might repurpose the existing building or construct commercial product.
This pocket of Queens Rd is about five kilometres south of the CBD (story continues below).
Last month, Alfred Health paid $31m for a low-rise block of flats at 545 St Kilda Rd with plans for a six-storey medical facility.
Not long earlier, apartment developer Samuel Property outlaid $21m for a small residential complex on Louise St (which connects Queens and St Kilda roads).
Last year Flight Centre sold its headquarters at 436 St Kilda Rd to Shakespeare Property Group for $62.15m.
More to come.
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