THE Footscray motel which was until recently to have become Melbourne’s next commission flat complex, has sold to an investor for $3.2 million, and is expected to be re-opened as a hospitality business. On a 2985 square metre block at the corner of Geelong Road and Catherine Street, the former Palms Motel is near Victoria University, central Footscray and the Maribyrnong River. The Department of Human Services which is increasingly leasing hotel and motel rooms and facilities to satisfy its growing public housing waiting list, had co-ordinated a lease for the Palms Hotel. [...]
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SKYSCRAPER developer Central Equity has abandoned plans to redevelop the former Kingsway Motel, in South Melbourne, and has instead listed the site for sale. The former ASX-listed developer can expect to make about $15 million for the 2092 square metre property, which includes two terrace houses, and the prominent, white, six level, 41 room motel at the north-east corner of Park Street and Eastern Road. Central Equity paid $6.25 million for the property just over three years ago, before obtaining a permit to more than double the number of apartments on the site, opposite the Latrobe Reserve. [...] |
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