Glen Waverley’s Novotel and Century City Walk set to be sold
A monster property including the Novotel Melbourne Glen Waverley hotel site is up for grabs and could smash the city’s suburban price record.
Including the Century City Walk shopping centre next door with an eight-screen Village cinema, Strike bowling bar and restaurants, the 1.1ha property collects almost $8 million a year in rent and is expected to sell for at least $150 million.
But with scope for development it could top the $181.5 million shopping centre record set when Burwood One shopping centre sold to a Melbourne-based investor with links to Hong Kong last year, according to CBRE national director Mark Wizel.
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“It will be in excess of $150 million,” Wizel says.
“I think the vendor’s expectations aren’t necessarily to surpass Burwood One, but with the underlying quality of Glen Waverley as a location and the future prospects for growth I wouldn’t be surprised if it does break the record.”
Savills’ Michael Simpson is also working on the sale.
Earmarked as a future development site, demolition agreements in place for the Springvale Rd property — including the 200-room hotel — meant it could be developed after three years, Wizel adds.
“Someone will buy it, collect the $8 million in income a year, and work on plans to redevelop the site in the next few years,” Wizel says.
Buyers from around Australia and across Asia are expected to circle the property.
“It’s hard to say who will buy it. It’s the jewel in the crown out there,” Wizel says.
It is being sold by Sydney-based property investment firm iProsperity Group, which also owns Melbourne’s Intercontinental Hotel in Collins St, the Crown Plaza Hotel and the Pullman Hotel across from the MCG.
The group bought the hotel for about $74 million before spending three years working to purchase the $45 million shopping centre that opens to Kingsway.
This article from the Herald Sun originally appeared as “Century City Walk shopping centre and Novotel hotel tipped to top $150 million”.