Melbourne-based developer Primeland has acquired the former Savoy Hotel in Brighton and plans to transform it into a $120-million apartment and townhouse project.
The developer has signposted plans to transform the 3400sq m site at 150 Esplanade into a mix of two and three-bedroom residences with unobstructed views across the bay, and a separate collection of luxury townhouses at the rear of the site.
Built as a private residence in 1909, it was transformed into the four-star Savoy Hotel, overlooking Brighton Beach in 1959.
It has been owned by the Lee family for 55 years, and was put to market earlier this year. A sale price has not been disclosed but The Urban Developer understands it was in excess of $30 million.
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 project will be targeting high-net-worth Bayside residents with prices between $5 million and $20 million.
The developer has made a “strategic re-weighting” into luxury residential assets to complement its existing portfolio in industrial, residential and infrastructure developments.
Recent acquisitions included a boutique 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.
“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 said.
“We are particularly interested in Melbourne’s ultra-high end of the luxury residential market, we think there is considerable opportunity and 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.
“The Savoy is the type of development site that will allow us 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.”
