Melbourne’s iconic Hotel Lindrum, steeped in heritage, is about to undergo a transformative revival. Approved by the City of Melbourne, a visionary $200 million project by Time & Place is set to redefine the city’s prime office space landscape.
This ambitious development, nestled above the renowned Hotel Lindrum in the bustling city center, promises a fusion of modernity and history. With 21 full-floor strata office levels in a sleek tower and an opportunity to procure approximately 2500 square meters of refurbished commercial space within the historic Flinders Street building, the project represents a unique investment opportunity in the heart of Melbourne.
Time & Place’s acquisition of the 1920s building, renowned for its distinctive red brick facade, marks a significant shift. Purchased from Rich Lister Robert Magid for $50 million, the project represents a departure from its previous status as a boutique hotel. The new vision as an upmarket office space in Melbourne’s esteemed east end aligns with the city’s evolving landscape and heritage aesthetics.
Despite the prevailing vacancies across the CBD, Time & Place’s resolute belief in crafting an upmarket office space targeting wealthy family offices at this prestigious location has borne fruit. The project’s recent approval by city planning authorities coupled with substantial pre-commitments underscores its viability. Construction is slated to commence in the first quarter of the upcoming year, reflecting the confidence and enthusiasm surrounding this venture.
Founder Tim Price envisions these floors commanding rates between $18,000 to $19,000 per square meter, making these spaces highly sought after by discerning investors. The restoration of the original Lindrum building’s floor plates adds to the allure, offering around 2500 square meters of commercial space under a single strata investment opportunity.
Moreover, this project presents a distinctive proposition. The unique nature of the Hotel Lindrum as a piece of real estate sets it apart, attracting private companies looking to hold significant space within a strata arrangement rather than lease it. Price emphasises that this venture isn’t merely a trend but an extraordinary chance to create something exceptional in a niche market.
This approach resonates beyond the CBD, as evidenced by Orchard Piper’s success in Toorak, selling office suites at rates mirroring the luxury and exclusivity expected from such developments.
The strategic positioning of the Hotel Lindrum project, with its rear access to Flinders Lane, Melbourne’s vibrant hospitality hub, further enhances its allure. This historic building, designed by Ward & Carleton in the early 1900s, holds a rich narrative, once housing the headquarters for the Herald newspaper empire and later transformed into Lindrum’s Billiards Centre before its boutique hotel conversion in 1999.
The impending transformation of the Hotel Lindrum into a haven for high-end office occupants symbolises Melbourne’s evolution while honoring its storied past. As the construction gears up to begin, it’s a testament to the city’s commitment to preserve heritage while embracing innovation.