This article is from the Australian Property Journal archive
DEVINE has successfully completed the first phase of its apartment-hotel development at 131-135 Bourke Street in Melbourne.
This involved the settlement of the land and payment of the first progress payment by The Ascott Group.
The yet to be developed 398-room project was sold to the Singapore-based serviced apartment owner-operator, The Ascott Group, a subsidiary of CapitaLand Limited.
The 25-level Bourke Street complex is targeted for completion by the end of 2010 and will incorporate conference and recreational facilities and will also feature retail outlets fronting Bourke and Little Collins Streets.
Devine has contracted with Brookfield Multiplex to build the apartment hotel on behalf of The Ascott Group and will oversee and manage the development and the construction phase.
Devine acquired the 2,000 sqm site for $18 million in March 2007.
The sale of the Bourke Street development was negotiated by Jones Lang LaSalle Hotels’ chief executive Asia Pacific David Gibson.
Australian Property Journal
