Cbus Property, the property investment arm of industry superannuation fund Cbus, has made an off-market purchase of another Spring Street property, being the Mercure Melbourne Treasury Gardens Hotel (Mercure Hotel) from Pearl Hotels.
The existing 4 star hotel with its spectacular views across the Treasury Gardens has 164 rooms, ground level function rooms and restaurant.
For the hotel, it is ‘business as usual’, as Cbus Property commences the planning for its second residential project on Spring Street. Cbus Property acknowledge the value of the site and the importance of great design, its impact on the city and that discerning purchasers expect world class architecture. With this in mind we are in the process of commissioning a design competition and are targeting lodgement of the planning application early next year, with development proposed to commence in late 2019.
Mr Pozzo said, “The proposed development will complement Cbus Property’s current and past residential projects in the Melbourne CBD, including Collins Arch Melbourne, which is currently under construction, and 35 Spring Street which was completed in April this year.”
“Cbus Property has clearly demonstrated itself as being one of Melbourne’s pre-eminent Developers and already has strong interest from past purchasers to be part of our next luxury residential offering.”
The 1,270sqm Spring Street site directly opposite the Treasury Gardens, will provide the perfect sequel to Cbus Property’s 35 Spring Street and is intended to be a more boutique luxury development with large apartments. The sites exceptional location makes it an obvious setting for another premium apartment building opposite the Treasury Gardens.
Located at the top end of the Melbourne CBD with uninterrupted views to the east toward the Melbourne Cricket Ground, the apartments will appeal to both downsizers and apartment upgraders, whilst enjoying the nearby food and entertainment precincts in the Paris End of the CBD.
The sale of the property was brokered by Gus Moors from Colliers International.
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