Smorgon family offer West Melbourne serviced apartment complex
Victor Smorgon Group, Robert Dicintio’s Trenerry Property Group and the Kanat family have listed a recently completed serviced apartment complex, part of the $345 million West End project in West Melbourne.
The eight storey building, 221 Rosslyn Street, at the south east corner of Adderley, is expected to sell for more than $45m.
It is being offered vacant – or with the option of being managed, with one offer pending from IHG’s Staybridge brand.
Colliers’ Daniel Wolman, Oliver Hay and Anthony Kirwan with Jones Real Estate’s Paul Jones, Tim Spargo and Sam Guest have the listing.
Elsewhere in Melbourne, the vendors last year purchased South Yarra’s Poolman House with plans to convert it into a luxury resort.
On the Mornington Peninsula the trio own Sorrento’s Continental Hotel which has just undergone a major refurbishment and extension.
VSC and the Kanat family co-control several retail brands including Hugo Boss, Flair and Ted Baker.
BTR investors could look in: agent
VSC, Trenerry and the Kanat family paid Australia Post $40m in 2015 for the 9200 square metre site which has just made way for West End (story continues below).
Four other buildings in the complex are residential.
There project also includes a retail lined laneway connecting Rosslyn and Dudley streets – an Foodworks supermarket and medical centre have moved in.
The hotel which is for sale includes 27 basement car parks, a ground floor restaurant, 99 self contained studio, one and two bedroom suites and rooftop bar.
“221 Rosslyn St presents purchasers with an extremely rare opportunity to acquire a brand new building in a prime city fringe location fully furnished including OSE to 4.5 star standard,” Mr Wolman said.
“Significant tax depreciation benefits and the high quality of room sizes, fit outs, parking and amenities further add to the appeal of the offering to Build to Rent ventures,” he added.
“The projection continues to grow for BTR and co-living models as a prominent player amongst the suite of mainstream commercial property asset classes in Australia,” according to the executive.
In mid-2020, the Scerri family paid Caydon c$40m for a new 97-suite Moonee Ponds hotel leased to Sebel.
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