Only days remain before Hotel Lindrum, Melbourne’s iconic jewel steps into its new chapter. Buyers are stirring, agents are preparing, as both await the closing the date of what is likely to be one of Melbourne’s most talked about real estate opportunities of the year.
Selling agent, Managing Director & JLL Head of Investment Sales Australasia, Hotels & Hospitality Group, Peter Harper commented “Hotel Lindrum is one of the most renowned hotels in Melbourne owing to its position amongst the highest yielding demand generators. It boasts a strong trading history yet there is clear scope for significant upside through refurbishment and repositioning. The property has been long sought by hotel investors and operators and this sale presents their first legitimate opportunity since the asset was acquired by the current owner well over a decade ago.”
Hotel Lindrum has a rich history and bears a name that pays tribute to its very first owner Walter Lindrum, who originally had it known as Lindrum’s Billiard Centre. Along the way it was also commissioned by well known tea merchants, the Griffiths Brothers and was occupied by the Herald Sun for most of the 1900’s. It first opened its doors as Hotel Lindrum in 1999 and has since enjoyed a reputation as one of Melbourne’s luxury boutique inner city hotels.
One cannot help but be in awe of this Romanesque inspired, architectural beauty. It sits amongst the city’s most elite residential and commercial towers in Melbourne’s most prestigious East End precinct at 26-30 Flinders Street and is within easy walking distance to the city’s cultural hub of recreation and transport. Although currently operated by Accor, the sale will be complete with an approved planning permit for a 30 level mixed-use development. It also has protected view corridors with exceptional aspect over the Yarra River, Royal Botanic Gardens, Sporting Precinct and Port Phillip Bay.
“With such an unrepeatable mixed use planning approval, the sale of Hotel Lindrum provides one of the most exciting development opportunities in the Melbourne CBD that we’ve seen for some time.” JLL’s Executive Director, Head of Capital Markets, Josh Rutman said.
Hotel Lindrum is expected to fetch a premium price but who will win the prize is yet to be seen. What we do know however, is that the prospective purchaser will not only be acquiring a world class development opportunity but also a rare piece of Melburnian history with unparalleled commercial benefit for years to come.
Hotel Lindrum is For Sale by Expressions of Interest closing Thursday 10 March at 2pm (AEDT)
To obtain further information or to arrange an inspection, please contact the exclusive selling agents.
