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