Pegasus Apart’Hotel in the Queen Victoria Market Precinct, Melbourne For Sale

Location: A’Beckett Street, Queen Victoria Market, Melbourne, Victoria, Australia

Name: Pegasus Apart’Hotel

Guide Price: AUS80m

No. of Keys: 278 Apartments

The Opportunity: To acquire this major 25-storey apart’hotel in a great location in Melbourne, a prized address due to its proximity to the legal precinct, universities and Queen Victoria Market has been placed on the market by its original owner, a high net worth family based in Malaysia.

The 25-storey building comprises 278 apartments including studios and two-bedroom configurations, together with two penthouses. It is currently operating as a serviced apartment facility with some long- term residential tenancies, however vacant possession is available.

With a Gross Floor Area of 22,512 sqm, the building is zoned Capital City 1, which allows an array of uses including residential, hotel, office, build-to-rent and co-living. Key features within the building include a restaurant and bar, three conference rooms, indoor lap pool, fitness centre and secure basement car park for 80 vehicles.

Josh Rutman, from JLL, the appointed agent, says, “Major development around the Queen Victoria Market will significantly enhance the neighbourhood amenity of 206 A’Beckett Street. In particular, the property will benefit enormously from the City of Melbourne’s five-year market renewal program which encompasses a $450 million development on the corner of Therry and Queen Streets.”

“Owing to its excellent level of guest amenity and convenient location, the property has historically enjoyed a strong trading performance driven by high levels of occupancy. Whilst the Melbourne hotel market does continue to face some challenges, we expect a number of investors will look to capitalise on the legacy of the property through a re-branding exercise. Alternatively, we are also anticipating strong interest from groups in the residential and living sectors given the flexibility of the building and evolution of the precinct.” Peter Harper said.

Expressions-Of-Interest for 206 A’Beckett Street, Melbourne close on 25 August 2021 at 2pm (Melbourne time).

Main Picture: The aerial view of the property

Current Owner: A private Malaysian company

Flag and Management: Free to new owner.

Financials: Full details available upon LOI/EOI

Tenure: Freehold

Agent: JLL Australia…Buyer would need to retain THPT

Guide Price: AUD80m – 2019 gave a 6.5% yield on this price

Date Posted: July 2021

THPT Comment: A great opportunity to acquire this major play building to either make your mark on the Melbourne scene, or add to your existing portfolio.

Contact us for further information

This is a new feature on the THPT site…. Hotel & Serviced Apartment owners can be naturally reticent in publicising their property is for sale…for confidentiality reasons, for staff and current client reasons, so the properties featured in this section will either be “generic” or “name specific”

Each fortnight we mail the opportunities posted that week, but check-out the tab “Hotels Available” and call us for details of “Under the Table” – deals not posted on the site at all

The Hotel Property Team (THPT) is a small group of highly experienced business professionals. Between us, we provide a range of skills and experience which is directly relevant to those involved in the hotel property market.

For more information – Visit www.thpt.co.uk or email [email protected].

MISREPRESENTATION ACT 1967. This information is provided as a general guide and is not intended to be constructed as a statement of fact upon which interested parties can rely. All interested parties should make their enquiries by inspection or otherwise. Neither The Hotel Property Team (trading name of Impetus Marketing 2006 Ltd) nor any person in our employment has the authority to make, give or imply any representation or warranty whatsoever relating to the premises referred to in these particulars. These details do not constitute any offer, contract or any part thereof and all negotiations relating to the premises should be conducted through THPT.