Property developer Time & Place has acquired Melbourne’s famous Hotel Lindrum.
Located at 26-30 Flinders Street, the triple fronted property is one of the CBD’s most recognised facades.
While the property was sold with a permit in place for a 30-level mixed-use hotel and residential project, the developer has said it intends to review these plans and has not ruled out the inclusion of an office component.
Designed by Ward & Carleton in the early 1900s for Griffiths Brothers Tea Merchants, The Lindrum is one of Melbourne CBD’s most recognised buildings.
In the 1920s, it was transformed into the headquarters for the Herald empire and later became Lindrum’s billiards centre.
It was converted to a hotel in 1999 when it became part of Accor’s exclusive MGallery Collection.
Time & Place director, Tim Price said the company’s development philosophy is centred around making places, not properties.
“So the opportunity to acquire and breathe new life into Hotel Lindrum, which has such a rich history, was one we couldn’t pass up,” he said.
JLL Victoria’s Head of Capital Markets, Josh Rutman said Hotel Lindrum is intended to become one of the city’s first major revitalisation developments for 2022.
“The depth of interest in such a high-quality offering was not surprising, however we were taken aback by the number of new market entrants who flagged their intention to buy the property,” he said.
“The sale is yet another demonstration the confidence in the resurgence of the Melbourne CBD market, particularly for well-located properties in the East End of the CBD which are poised to capitalise on the city’s growth story.”
The property forms part of a strategic acquisition phase for Time & Place, across Melbourne, Sydney and Queensland.
Read Hotel Lindrum 2014 transformation here