But time is running out for that endorsement, which Mr Magid will not pursue himself.
“The choice was that we keep the hotel and run it like a hotel and lose our DA. Or we sell it with a DA, reluctantly,” he said. The Australian Financial Review.
At 26-30 Flinders Street, the Lindrum Hotel is a refurbished 1920s brick building, originally built for the Griffiths Bros tea group, then later run as Lindrum’s Billiard Centre, named after the champion Walter Lindrum.
It is flanked on one side by the Shell House designed by Harry Seidler and on the other by a car park. Redevelopments have also been launched for these sites.
The decision to sell the Lindrum in turn prompted a decision to divest the 59-room Harbor Rocks Hotel, in Sydney’s popular tourist district, making it a sister hotel to the Melbourne asset, and could appeal as as a portfolio acquisition, Mr. Magid said.
Already, expectations are building for a rebound in the hospitality sector, as travel resumes and the omicron peak passes. Just this week, prominent Sydney developer Eduard Litver invested the Ibis Budget hotel in Melbourne’s CBD for around $25 million.
The Lindrum Hotel is brokered by JLL’s Josh Rutman, Peter Harper, MingXuan Li and Nick MacFie, while their colleagues Mark Durran and Nick Roche run the Harbor Rocks Hotel.
“With such unique mixed-use planning approval, the sale of the Lindrum Hotel offers one of the most exciting development opportunities in Melbourne’s CBD that we have seen in some time,” Mr Rutman said. .
In Sydney, Mr Durran noted Harbor Rocks was one of the first boutique offerings after a string of big-box assets, such as the Primus Hotel and Four Points by Sheraton Sydney Central, changed hands. .