Melbourne’s Bayview Eden hotel set to tempt investors and developers

MELBOURNE, 10 May 2022 – With its magnificent views across Albert Park Lake and golf course to Port Phillip Bay and the Melbourne CBD, Bayview Eden hotel has come to market as one of the largest remaining inner city landholdings in the St Kilda Road precinct.

Following the success of their recent sales campaign at the nearby Bayview on the Park, JLL’s Peter Harper, Josh Rutman, Nick MacFie and MingXuan Li have been appointed exclusively to sell Bayview Eden at 6-9 Queens Road, Melbourne.

Bayview Eden features 192 modern guest rooms, a restaurant & bar, extensive conference & meetings space, swimming pool and basement car park, together with a period mansion plus undeveloped surplus land.

Mr Harper said, “The Bayview Eden has long been a favourite of business and leisure guests, which augurs well for its future as short or long-term accommodation, or for conversion to other uses. The hotel presents to an excellent standard, is being sold with the benefit of vacant possession, and we expect a broad range of investor interest, very similar to what we experienced for the sale of the nearby Bayview on the Park.”

The four-star, glowingly-reviewed hotel and its adjoining land – a rare triple allotment at 6-9 Queens Road – is to be offered via an Expressions of Interest campaign expected to attract strong engagement from investors and developers seeking high quality city-fringe opportunities presenting scale and future upside.

Mr Rutman said, “We have been fortunate to handle some prominent sales in recent years along St Kilda Road and Queens Road, but this is the second largest wholly owned landholding in the entire precinct, and we have already seen interest from some of the industry’s major players who understand the rarity of such an opportunity.”

The 6,974 sqm site features a second major frontage to the retail village along Queens Lane and has a Commercial 1 zoning, allowing for ultimate flexibility and an array of potential end uses including commercial, residential, retail and hotel use (STCA).

“Whilst the prestige of the precinct has traditionally been associated with the St Kilda Road boulevard, it is in fact Queens Road that benefits from the unobstructed view lines over Albert Park towards Port Philip Bay and Melbourne CBD. It’s no surprise why sites along this thoroughfare have been well sought after when they become available,” Mr Rutman said.

“Queens Road has a very sound track-record of delivering high quality residential, commercial and retirement living product, and due to the scarcity of such offerings, the take up from the various end users has always been consistently strong,” Mr Rutman said.

The site presents excellent opportunities for future workers and residents: It is walkable to the Melbourne CBD, Arts Precinct, Royal Botanic Gardens and Albert Park Lake. It is also proximate to prestigious private schools such as Melbourne Grammar.

 “Bayview Eden is situated in one of Australia’s most successful development precincts being surrounded by multiple parklands, excellent retail amenities, numerous office buildings, The Alfred Medical Precinct, access to some of Melbourne’s best suburbs and world-class transport infrastructure soon to be enhanced by the new Anzac underground railway station. With significant existing improvements and such a large and flexible landholding, there are several different strategies that a buyer may employ to take full advantage of the strength of this location,” Mr Harper said.

JLL recently transacted Bayview on the Park hotel at 50-52 Queens Road which was sold to Altis Property Partners and Aware Super who will be undertaking a Build-To-Rent development. At $72.7 million, this was one of the largest inner-city land deals in Melbourne in 2021.

“It’s no wonder why developers have been targeting this property – its three separate allotments, prominent dual frontages and stunning uninterrupted views across Albert Park Lake and Port Phillip Bay to the city are incredible development fundamentals for a major project in any market cycle,” Mr Rutman concluded.

The listing also follows recent news of the landmark sale of Bob Magid’s Hotel Lindrum to developer Time & Place for around $50 million.

International-Expressions-of Interest for 6-9 Queens Road, Melbourne close on 16^th of June 2022.