Time & Place secures approval for Hotel Lindrum redevelopment
Image credit: Hotel Marketplace
In 2022, developer Time & Place bought the Hotel Lindrum for $50 million. It came with a planning permit for a 30-storey mixed-use project.
Some 18 months later, the firm has received approval from the City of Melbourne to amend that permit – and construct a $200 million office tower above the existing 1920s building instead.
The tower is marketed towards wealthy private families, with sale prices beginning at $18,000 per square metre. Office suites will be full-floor, meaning purchase prices are around $10 million+ for 500 square metres of office space.
But buyers aren’t baulking at the price, with Time & Place founder Tim Price telling The Australian Financial Review that they’ve received pre-commitments on ‘six to seven’ of the 21 full floors in the new tower.
And what of the original, historic building? It’s currently subdivided, internally, into hotel rooms. But Time & Place plans to reverse those subdivisions – and offer the entire space as a single strata investment.
Construction will begin in the first quarter of 2024.
Want the inside word on life in construction?
Head to our podcast page and listen to industry leaders like Andrew Deveson and David Caputo share their stories with our Director, Martin Preece.