Tune Hotels secures Melbourne presence with $18,500,000 sale

Melbourne -- Malaysian group Tune Hotels has secured a prominent infill site in one of Melbourne's fastest growing CBD pockets for $18,500,000.

CBRE's Josh Rutman, Mark Wizel and Paul Tzamalis negotiated the sale of the 1,741sqm property, which stretches between Flinders Street and Flinders Lane, on behalf of AMP.

Mr Rutman said the property was hotly contested from both domestic and offshore groups during the sales process, with significant interest from a number of Chinese and Malaysian groups.

"Prominently positioned in this growing end of the CBD, the property represents an outstanding opportunity to capitalise on the growing appeal of this area with an exciting project," Mr Rutman said.

Tune Hotels CEO Mark Lankester said the group was thrilled with the opportunity to make its foray into the Melbourne market.

"Australia has, for a long time, been a country that we see strong growth prospects for and we are delighted to continue investing in those prospects," Mr Lankester said.

"Melbourne is a city that we are very familiar with and the opportunity for the hotel accommodation market, coupled with strong overall visitor growth, ticks all the boxes for us."

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