Australia: Real estate agency Melbourne Acquisitions has brought to market an eight-storey mixed-use building in the centre of Dandenong CBD.
The Exodus Apartment Hotel, located at 229 Thomas Street, was constructed in 2017 and currently offers 42 apartments and studios ranging from 29 to 93 square metres.
Permission has been granted to convert the first floor office space into an additional five apartments. There are two shops plus a reception, gym and meetings rooms on the ground floor.
The standalone, mixed-use property is being offered with vacant possession and is expected to sell for over $14 million. Dominic Gibson and Stefan Deffert of Melbourne Acquisitions have been appointed as selling agents.
Gibson said: “It’s incredibly rare to find a centrally located blank canvas of such built form, with so many potential uses, ready for a new owner to re-enforce the current operation or repurpose to alternative accommodation possibilities.”
Once sold, the building could be operated as serviced apartments, a hotel, or rented out as permanent residential accommodation. Further details about the site can be found here.
Dandenong is the second largest CBD in Melbourne and is currently experiencing strong investment activity. Recent deals include serviced offices (165-169 Thomas Street) for $165 million; Dandenong Plaza for $145 million; and a former RSL village (60 Clow Street) for $11.6 million.
