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Melbourne development site on sale for A$100M

Sydney-based Barana Group Pty. Ltd. has placed the Novotel St Kilda hotel development site in Melbourne on the market for about A$100 million, The Australian Financial Review reported Feb. 18.

The hotel occupies more than half of a hectare in the 5,791-hectare site at 14-16 The Esplanade, according to the report. A planning permission for a three-tower luxury apartment project, with 25,581 square meters of residential space across 236 apartments, was secured for the site before it was put up for sale.

A prior proposal filed in 2014 for around 300 apartments failed to receive consent from the City of Port Phillip in the Australian state of Victoria.

Barana Group, which manages a diversified real estate portfolio worth roughly A$450 million, paid A$55 million in 2012 to purchase the eight-story Novotel hotel from Tourism Asset Holdings Ltd., at a yield of 8%, the AFR said.