Adara Richmond and St Kilda/135 Inkerman Street Melbourne VIC 3000

CBRE Hotels are pleased to offer to the market the leasehold interest of both the Adara Serviced Apartments located at 185 Lennox Street, Richmond and 135 Inkerman Street, St Kilda. These modern serviced apartment operations offer a mix of apartment types and are secured by long leases to individual investors.

The Melbourne serviced apartment market has seen many changes over recent years with many older style properties returned to their individual owners along with some operations re-branded under new operator ownership. Several of the new developments in the market have been traditional hotel offerings rather than serviced apartments that appeal to the longer stay market.

The opportunity to acquire the two Adara operations "in one line" will provide a new leasehold owner with immediate scale of 96 apartments to add to or establish their operations in Melbourne.

This opportunity is available via Expressions of Interest closing Wednesday, 6 March 2024 at 5.00pm (AEDT).

Investment Highlights:
- Both properties have easy access to public transport going to the CBD and throughout Melbourne
- Prime locations; Adara Richmond close to Bridge Road and the busy Epworth Hospital, Adara St Kilda close to Central St Kilda, Acland Street, Fitzroy Street and beachfront
- Opportunity to rebrand or reposition to maximise the market
- Both properties feature reception facilities
- On-site parking
- Substantial FF&E to be sold with the business