This article is from the Australian Property Journal archive
THE Bayview Eden hotel across from Melbourne’s Albert Park Lake is offering investors and developers one of the few remaining inner city landholdings in the St Kilda Road precinct.
Sitting on an 6,974sqm site with views of Albert Park Lake and golf course to Port Phillip Bay and the Melbourne CBD, Bayview Eden at 6-9 Queens Road features 192 guest rooms, a restaurant, bar, conference and meetings space, swimming pool and basement carpark.
On top of the adjoining undeveloped surplus land at the rare triple allotment, the property includes a period mansion.
Peter Harper, Josh Rutman, Nick MacFie and MingXuan Li from JLL have been appointed to exclusively sell the hotel with vacant possession via an expressions of interest campaign.
“The Bayview Eden has long been a favourite of business and leisure guests, which augurs well for its future as short or long-term accommodation, or for conversion to other uses. The hotel presents to an excellent standard, is being sold with the benefit of vacant possession, and we expect a broad range of investor interest, very similar to what we experienced for the sale of the nearby Bayview on the Park,” said Harper.
The property is anticipated to attract high levels of interest, particularly from investors and developers looking to buy into the city fringe market.
“We have been fortunate to handle some prominent sales in recent years along St Kilda Road and Queens Road, but this is the second largest wholly owned landholding in the entire precinct, and we have already seen interest from some of the industry’s major players who understand the rarity of such an opportunity,” said Rutman.
The sites Commercial 1 zoning would enable potential buyers significant flexibility and a vast development scop for any number of outcomes, including commercial, residential, retail and continued hotel use (STCA).
“Whilst the prestige of the precinct has traditionally been associated with the St Kilda Road boulevard, it is in fact Queens Road that benefits from the unobstructed view lines over Albert Park towards Port Philip Bay and Melbourne CBD. It’s no surprise why sites along this thoroughfare have been well sought after when they become available,” added Rutman.
“Queens Road has a very sound track-record of delivering high quality residential, commercial and retirement living product, and due to the scarcity of such offerings, the take up from the various end users has always been consistently strong.”
In addition to its Queens Road frontage, the site features a second major fronting to Queens Lane and its retail village offering and is well placed in a walkable proximity to Melbourne’s CBD, Arts Precinct and Royal Botanic Gardens.
As well as featuring ample access to an array of public transport options, including the future Anzac underground railway station by the Shrine.
The same team recently completed the successful sale of the nearby Bayview on Park at 50-52 Queens Road to for $72.7 million.
“It’s no wonder why developers have been targeting this property – its three separate allotments, prominent dual frontages and stunning uninterrupted views across Albert Park Lake and Port Phillip Bay to the city are incredible development fundamentals for a major project in any market cycle,” concluded Rutman.
The expressions of interest campaign for 6-9 Queens Road is scheduled to close on 16 June 2022.
