Australia: A serviced apartment complex will be developed on Melbourne’s Punt Road after developers switched away from a planned residential apartment block and applied for a hotel permit.
The site at 375 Punt Road, close to the Melbourne Cricket Ground, was acquired for AUD$11 million and AAMI Park. The project will include an upper-upscale, 61-key aparthotel with a rooftop deck, ground floor restaurant and café space. A twin-level basement planned for the site will also be turned into conference and meeting space along with extra space for the restaurant.
CBRE Hotels’ Scott Callow said: “Despite the property being listed for sale at the start of Melbourne’s COVID restrictions, we fielded significant interest from buyers looking at residential, office, coliving and hotel options for the building.”
