Property development company Mantello Holdings has listed a DA-approved site in Cremorne for sale with a price expectation of circa $10 million.
Located at 1-3 Harcourt Parade, the 785sqm site has DA approval for a hotel development with 96 keys.
The site currently has income from car parking and a billboard, which with its views from Punt Road and the M1, is one of Melbourne’s most prominent billboard sites, allowing for dual income.
CBRE’s Scott Callow together with Aston Commercial’s Jeremy Gruzewski is managing the sale via an Expression of Interest campaign closing 16 November 2023.
“Cremorne is the ideal location for a new boutique hotel. Being in close proximity to Melbourne’s sport and entertainment precinct as well as the CBD and its more recent office developments, the hotel will be able to capitalise on the corporate and leisure market,” Mr Callow said.
“The rather unique investment income from both a hotel operation and substantial digital signage makes this a development with added appeal, and we are expecting interest from both onshore and offshore investors and hotel operators.”
Aston Commercial’s Mr Gruzewski added, “Cremorne has seen significant redevelopment of commercial office buildings increasing the workday population. Add to this the proximity to Melbourne’s sporting precinct and it makes it the right time for a hotel to service the demand.”