This article is from the Australian Property Journal archive
A backpackers’ accommodation building in Melbourne’s CBD is being offered for sale by tender.
Located at 441-451 Elizabeth Street, the property is close to the Victoria Market precinct.
The property has a frontage of 27.03 metres to Elizabeth Street has been known since the 1960s as the unlicensed Toad Hall Hotel and has been operated as a private hotel and more recently as backpacker accommodation.
A combination of four and two level buildings with a total building area of 1,880 sqm, currently occupy the 1,130 sqm site.
The property currently produces annual revenue of approximately $207,000 from the Toad Hall backpacker accommodation and two separate small tenancies.
Selling agents Gray Johnson is selling the property on behalf of the Copeland family, who are finalising the estate of Melbourne CBD identity Alex Copland who passed away in July last year.
Recognising the potential to redevelop the property Bruce Henderson Architects have prepared concept plans to considerably add to the existing buildings or alternatively the purchaser may prefer to totally redevelop the site to take advantage of its location and strong street visibility.
Gray Johnson’s selling agent Matt Hoath said the property is expected to fetch $4 million.
“The property has many appealing and interesting features including size and position, future development potential and the infrequent opportunities to acquire a Melbourne CBD property of this character,” he added.
Tenders for Toad Hall at 441-451 Elizabeth Street will close at the offices of Gray Johnson at on Wednesday June 07.
By Adam Parsons
