Art nouveau building in Melbourne CBD sells in off-market deal

Art nouveau building in Melbourne CBD sells in off-market deal
Art nouveau building in Melbourne CBD sells in off-market deal

A classic five-level freestanding retail and accommodation building in the Melbourne CBD has been sold in an off-market transaction through Savills.

The corner building at 2-8 Spencer Street is one of the most recognisable corners in Melbourne. 

The art nouveau building was bought by education entrepreneur Shesh Ghale for a speculated $30 million, according to the Sydney Morning Herald.

The Melbourne Institute of Technology founder is Australia’s 105th richest person.

The 1913-built building, previously known as the Sir Charles Hotham Hotel and the Hotham Private Hotel, sold for $10.75 million in 2012 and was again put on the market in 2015, as reported in the Property Observer.

The 2012 buyer was associated with private investor Peter Russell's Kurrawong.

The property has frontages to both Spencer and Flinders Streets in the Melbourne CBD.

The sale was negotiated by Clinton Baxter of Savills.

The building’s tenants include Nomads Backpacker Hostel, a backpacker accommodation group.

The corner block has a land area of 883 square metres with a 20.9 metre frontage to Spencer Street and 40.2 metres to Flinders Street. 

When the hotel was first erected the daily press described as one of the largest in the city, close to what was the shipping trade, Spencer Street Railway Station, Harbour trust offices and Railways Offices. 

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Savills Melbourne CBD

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