The Olsen and The Cullen, two iconic lifestyle hotels located in Melbourne’s vibrant CBD-fringe suburbs of South Yarra and Prahran, have been listed for sale.
The properties, part of the boutique Art Series which are inspired by and dedicated to Australian contemporary artists, are available either individually or as a portfolio offering.
The sale is being managed by CBRE’s Michael Simpson, Tom Gibson, Andrew Williams and Nick Hill via an Expressions of Interest campaign.
Both hotels are operated under a lease agreement with Accor, expiring in March 2026. This presents the opportunity for vacant possession in the short term for an incoming purchaser.
Mr Simpson noted, “As investor interest in the lifestyle boutique hotel sector continues to grow, The Olsen and The Cullen stand out with their distinctive design and generously sized layouts. These assets not only offer immediate appeal but also present a rare opportunity for adaptive reuse, ideally suited for conversion into co-living or Build-to-Rent models.”
Situated in the prestigious inner-city suburb of South Yarra, The Olsen comprises 224 stylish guest rooms and suites, prominent restaurant and retail spaces, conference and event facilities, 79 car spaces, a gymnasium, and a swimming pool.
The Cullen is located in the heart of eclectic and culturally rich Prahran, 5kms southeast of Melbourne’s CBD. The hotel offers 119 guest rooms and suites, flexible meeting spaces, 30 car spaces, a gym, and vacant ground floor retail tenancies, presenting a range of value-add opportunities.
Mr Gibson added, “The hotels benefit significantly from their prime inner-city locations. South Yarra is renowned for its luxury boutiques and fine dining, offering a unique blend of prestige and convenience that appeals to professionals, high-income earners, and international visitors. Meanwhile, Prahran is anchored by the iconic Chapel Street, known for its high foot traffic, youthful demographic, and vibrant café and nightlife culture, making it a premier lifestyle and entertainment destination.”
The Art Series Hotels are being offered for sale via an Expressions of Interest campaign closing Tuesday 16 September at 2.00pm (AEST), unless sold prior.
