Melbourne serviced apartments put up for sale

George Sell George Sell Uploaded 30 January 2014


Australia: The Oaks on Lonsdale serviced apartments complex in Melbourne is to be offered for sale via an international expressions of interest campaign.

The campaign is expected to generate "significant interest" from South East Asian and Chinese investors looking to enter the Australian market.

Wayne Bunz and Rob Cross of CBRE Hotels have been appointed to sell the freehold interest in the property on behalf of receivers.

Bunz said: "Melbourne is considered a priority destination for foreign capital into Australia. Without exception, global investors, particularly South East Asian and Chinese buyers, will not enter other Australian markets until they have made an initial acquisition in either Sydney or Melbourne - the capital city with the strongest revenue per available room growth during 2013."

The Oaks on Lonsdale, located in Melbourne's Central Business District, has 148 guest rooms, the majority of which are one- and two-bedroom apartments.

The international Expressions of Interest campaign closes February 27.


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