APH Holdings plans to build a 34-storey hotel on a site in the northern corner of the Melbourne CBD, as well as a healthcare offering across the road.
paid more than $40 million for the neighbouring sites of 441-445 Elizabeth Street and 447-451 Elizabeth Street, as well as an adjoining site, 139-141 Franklin Street, that include the 1858-built Royal Saxon Hotel and another historical property, the brick and bluestone Menzies International building.Combined, the three sites create a 1530-square-metre T-shaped development site that includes an existing permit for a 32-storey mixed-use tower.
APH’s plans are to build a 34-storey hotel as well food and beverage facilities across the site by late 2023 or early 2024.The developer, led by CEO Johnson Zhang, also owns a 10-storey commercial building across the road at 440 Elizabeth Street, purchased for $75.6 million in 2016. The developer plans to turn this into a medical care facility under its Wellington Health brand.
Mr Hay said the large number of infrastructure projects under way nearby including the new State Library and Parkville Metro train stations and the $250 million renewal of Queen Victoria Market as well as $3 billion worth of residential, hotel and commercial developments, had underpinned interest in the Elizabeth and Franklin street sites.
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