The former Sir Charles Hotham Hotel (pictured, right), later rebranded the Hotham Private Hotel, and now the All Nations Backpackers, occupies sites at 2-8 Spencer Street and 566-580 Flinders Street, near the Yarra River.

On an 833-square-metre site, the property has been offered for sale at various stages over the years, but a lease expiring in 2018 is believed to have deterred residential developers.

]]> It is expected that the new owner of the property will use the time the asset is returning an income to propose a landmark residential redevelopment. The building is in the process of being heritage listed.

All Nations pays annual rent of about $885,586 to occupy the five-level art-deco building opposite Crown Casino. On that basis the sale price reflects a yield of about 8.2 per cent. Kliger Wood’s Grant McKenzie and Russell Meerkin were the marketing agents

The QBH property has direct Yarra River frontage – and as such, redevelopment potential down the track.

]]> Prima Pearl, at a proposed height of 225 metres, will be the second tallest building in Southbank after the Eureka Tower (297 metres).

The tower will soar over Australand’s Freshwater Place, which is just 205 metres high, and the Crown Casino hotel, which is 152 metres.

Melcorp Property is marketing the apartments but declined to provide any information including price guides, or estimated construction times, until later this month when the project is officially launched.