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The COVID-19 Hotel, Rydges on Swanston, Sold during Melbourne lockdown.

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The hotel at the centre of the state government’s messy quarantine program has been purchased in a multimillion-dollar deal by a private developer.

The buyer planning an “extensive refurbishment and repositioning” of the property as a high-end hotel and conference facility. The aim to reopen next year.

After hitting the market in July with price expectations circling $40m, the 107-room hotel at 701 Swanston St fetched about $35m.

Despite prospective buyers being unable to physically inspect the property due to its use as a quarantine site for returned overseas travellers, it attracted an array of enquiries & a dozen bids.

Commercial property is going to be a hot topic in the media and across the industry over the next few months. The sector is operating in a very constrained environment due to the ban on physical inspections.

The Victorians Governments road map to reopening revealed physical inspections would not be permitted again until at least October 26, and only if the state recorded fewer than five daily cases over the two weeks prior to that date.

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Nikki Gervasi | Real Estate Agency in Melbourne | Nicole Gervasi Property Group

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Director of Nicole Gervasi

Nicole has led over $1 billion in property transactions, building a future-focused business driven by repeat and referral clients. Known for her strategic mindset and strong national and international network, she has built a reputation for pushing boundaries and delivering results. Passionate about the art of negotiation, Nicole helps clients unlock long-term property growth with confidence and clarity.

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There are different ways to value a property, including an agent appraisal, a bank valuation and other automated valuations.

We use many different data points to estimate a value.

We analyse a whole suite including;

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We also overlay data from government bodies and other sources – pinpointing the value of a home by looking at all of its components – land plus building.

Rather than look at what season to sell it, there are other major factors that drive property values up and down.

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When selling your home, there are various approaches to consider that can help you maximize both the speed of sale and the sale price. One method is selling off-market, where interested buyers and investors are invited to view the property and make an offer before it’s publicly listed for sale. While this approach can be advantageous in some cases, it’s important to also consider the potential downsides before deciding if it’s right for you.

We aim to secure a good tenant for the property as soon as possible. In our experience, a well presented, well priced property will go relatively quickly. Factors such as rental vacancies in the area, property features, owner expectations, condition of the property, presentation and price will all contribute to the time a property is on the market.

We begin by verifying the applicant’s identity through a 100-point ID check and request rental references from their current agents or landlords to assess their history as tenants. Employment checks are conducted to confirm their financial stability and ability to meet rental payments. Additionally, we perform a detailed search to ensure they have no history of payment defaults, tenancy disputes, or property damage.

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