A new serviced apartments complex is set to be developed on Melbourne’s inner-city Punt Road after developers pivoted away from a planned residential apartment block and applied for a hotel permit for the site.
The site at 375 Punt Road, overlooking Gosch’s Paddock, was acquired by the group for AUD$11 million and is located close to the Melbourne Cricket Ground and AAMI Park. Owners have earmarked an upper-upscale, 61-room boutique hotel incorporating 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 the inner-city location close to Melbourne’s main sporting precinct was a key attraction in the sale.
“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, co-living and hotel options for the building,” he said.
No tentative date has been earmarked for the site opening to guests at this stage.