Primeland buy Brighton's former Savoy Hotel, plan $120 million residential redevelopment
Melbourne-based developer Primeland is planning to create a $120 million luxury apartment and townhouse project on the site of Brighton's former Savoy Hotel.
The developer has ambitious plans to transform the 3400 sqm site into a mix of two and three bedroom apartments with unobstructed views across the bay from all three levels, private rooftop gardens for the penthouses, and a separate collection of luxury townhouses to the rear of the site.
Set to cater to the high-net worth local Bayside community, the residences will be priced between $5 million and $20 million, with the penthouse slated to be around 600 sqm.
Located at 150 Esplanade, Brighton, the site was first established as a private residence in 1909 before it was transformed into the Savoy Hotel in 1959 and later purchased by the Lee family in 1967, where it had remained under ownership for 55 years until Primeland’s acquisition.
The site is located less than 100 metres from Brighton’s most famed assets – the Brighton Bathing Boxes that proudly line Brighton Beach. They fetch between $300,000 - $400,000 when they ever come up for auction, but are more likely to stay in families for many generations.
Primeland chairman Robert Brij said the acquisition of the Savoy Hotel underpinned the developer’s strategic focus on the ultra-luxury residential sector.
“This site is a prime jewel in the crown of Brighton; the fact that it has only transacted once in 55 years underpins its rarity and location overlooking the bay," Brij said.
“The vision for this project is to create a luxury experience that is befitting of this superior address, that will stand as a landmark for not only Brighton but all of Melbourne.
“The last few years have seen significant growth in our portfolio and capabilities as we focus on building a mixed-use pipeline across Australia in the hotel, industrial and residential sectors."
Brij believes there's a huge opportunity in Melbourne's ultra-high end residential market.
"We are confident in the continued demand for ultra-high end assets noting that this end of the market is largely unaffected by macro-economic factors or interest rate rises."
On the Savoy, Brij said it's the type of development site that will allow them to create something that will honour its location along one of Australia’s most famed Esplanades.
"We are excited to appoint a leading architect that shares this vision in the coming months and progress to the planning stage with council in due course,” he said.
Primeland has super-charged its pipeline in the residential sector in recent years with a string of acquisitions adding a number of hotel, mixed-use, residential and community-based infrastructure developments to its established industrial portfolio, taking the developer’s pipeline to a combined end value over $1 billion.
The more recent acquisitions include a boutique hotel/hospitality development to be designed by Cera Stribley, and a joint venture residential project with Pelligra - both in East Melbourne - where multidisciplinary design practice Carr is currently designing 14 ultra-luxury residences for the high-end market.