Bourke Street Mall

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A retail property in Melbourne's Royal Arcade is on the market for the first time in 30 years with price expectations above $30 million.
The property, 331-339 Bourke Street is currently tenanted by Bankwest and is the first Bourke Street Mall sale listing since 2004.
Colliers International’s Oliver Hay, Daniel Wolman and Matt Stagg have been appointed to the international expressions-of-interest campaign, closing Wednesday, April 26.
Mr Hay said the shopfront was anticipated to fetch more than $30 million, with its sale signalling the first transaction in the sought-after shopping strip for about 13 years.
“Bourke Street Mall has long been considered the ultimate address for an Australian trophy asset,” he said.
 Expressions of interest for Royal Arcade’s Bankwest shopfront in Bourke Street Mall close on April 26 at 3pm.
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jonathanchancellor-7SQnKwU6yx

Shopfront in Melbourne's Bourke Street Mall listed for sale

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InterContinental Hotel Group (IHG) last week announced plans for a dual-branded hotel as part of a $200 million redevelopment of The Walk Arcade.

The announcement was made at the 9th annual Australasian Hotel Industry Conference and Exhibition (AHICE) held in Melbourne and will see the Holiday Inn and Hotel Indigo brands occupy the development after IHG signed a long-term agreement with Singapore-based investor Hua Sin Tay's Focus Ventures.

Upon completion in 2022, the development will become the first Australian dual-branded hotel, consisting of 272 keys for Holiday Inn Melbourne Bourke Street Mall and a further 181 keys for Hotel Indigo Melbourne Little Collins.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/duel-signing-render.jpg" rel="gallery-all" title="Holiday Inn and Hotel Indigo are coming to Bourke Street Mall. Images: AFR"><img alt="" class="image-article-full-width-580px" height="471" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/duel-signing-render.jpg?itok=-LAA0oQs" title="Holiday Inn and Hotel Indigo are coming to Bourke Street Mall. Images: AFR" width="580"></a>

<figcaption>Holiday Inn and Hotel Indigo are coming to Bourke Street Mall. Images: AFR</figcaption></figure>Onsite amenities will include Food and Beverage outlets, a gym, meeting spaces and a unique guest lobby and room experience for each brand.

Urban.com.au highlighted <a href="https://www.urban.com.au/news/updated-designs-for-the-walk-arcade-hotel-revealed">updated designs</a> for the Walk Arcade redevelopment earlier this year, after site owner Hua Sin Tay, submitted plans to redevelop The Walk Arcade which runs from Bourke Street Mall to Little Collins Street. The developer acquiried the site in 1993 for $18 million.  

The dual-branded property will be near IHG's new Holiday Inn Express slated to open on Little Collins Street in 2020.

<blockquote>
With such a large property and sought-after location, dual branding makes perfect sense. IHG has experience with dual branded properties in other markets, including the Hotel Indigo and Holiday Inn Express in Singapore Katong, and a dual-branded EVEN Hotel and Holiday Inn Express planned for Auckland in 2020.

We are excited to bring Hotel Indigo’s neighbourhood story and Holiday Inn’s Joy of Travel together to provide guests of all types with the experience that appeals to them. 
This long-term deal means Hotel Indigo and Holiday Inn will have presence in the heart of Melbourne CBD for many years to come.

- Abhijay Sandilya, IHG’s senior director of development 
</blockquote>

<blockquote>
Much consideration has been put into the plans to transform the property into an iconic Melbourne site that complements its strategic location. Together with our consultants, we have put forth a combined retail and hotel site plan that is able to attract top retailers from around the world. 
The new hotel/retail development is projected to attract over $100 million of annual spending by visitors and shoppers. In addition, it will create over 1,000 new direct jobs and 900 indirect jobs for the State. 

- Tony Tai, spokesperson for Focus Ventures Pty Ltd
</blockquote>

IHG has nearly 800,000 guest rooms and more than 5,300 hotels across nearly 100 countries. IHG's portfolio of brands, includes Candlewood Suites, Crowne Plaza, Even Hotels, Holiday Inn, Holiday Inn Express, Hotel Indigo, Hualuxe, InterContinental, Kimpton Hotels and Resorts and Staybridge Suites.

Hotel Indigo Melbourne Little Collins will become the second Hotel Indigo to open in Melbourne with Salta Properties developing a 170 room Hotel Indigo as part of their mixed-use development at 695-699 La Trobe Street in Docklands adjacent to Etihad Stadium and Harbour Esplanade.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/hotel_indigo_docklands.jpg" rel="gallery-all" title="Salta Properties' 695 LaTrobe Street project will also include the Hotel Indigo brand. Image: Salta Properties"><img alt="" class="image-article-full-width-580px" height="362" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/hotel_indigo_docklands.jpg?itok=RJFY7caj" title="Salta Properties' 695 LaTrobe Street project will also include the Hotel Indigo brand. Image: Salta Properties" width="580"></a>

<figcaption>Salta Properties' 695 LaTrobe Street project will also include the Hotel Indigo brand. Image: Salta Properties</figcaption></figure>No two Hotel Indigo properties are the same, with each drawing on the story of its local area to inspire every aspect of the hotel to help guests feel part of the destination.

That’s why Melbourne’s Little Collins Street is perfectly suited to showcase the story of Melbourne’s laneways. Holiday Inn Melbourne Bourke Street Mall will join the 16 Holiday Inn hotels operating across Australasia, including Holiday Inn Melbourne on Flinders.

Lead Image: CBD News
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Laurence Dragomir

Hotel Indigo and Holiday Inn to open in Walk Arcade redevelopment

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As mentioned during Episode 2 of the Urban.com.au <a href="https://www.urban.com.au/guides/weekly-podcast-episode-2-development-by-tram-rmit-nas-and-leonard-teplin">podcast</a>, new images have emerged on the forum for The Walk Arcade redevelopment, located in the heart of the city in Bourke Street Mall and extending through to Little Collins Street.

This has coincided with <a href="https://www.propertyobserver.com.au/https://lodgement.planning-permits.delwp.vic.gov.au/public/detail/838">an application being submitted </a>to DELWP on the 9th February for "Alterations, additions (including partial demolition) to existing buildings for the purposes of retail premises, residential hotel and gym." 

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/the_walk_arcade_street_view_bourke_street_mall.jpg" rel="gallery-all" title="The current condition of both Bourke Street Mall and Liittle Collins Street frontages. Images : GoogleMaps"><img alt="" class="image-article-full-width-580px" height="264" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/the_walk_arcade_street_view_bourke_street_mall.jpg?itok=qt5mbHLD" title="The current condition of both Bourke Street Mall and Liittle Collins Street frontages. Images : GoogleMaps" width="580"></a>

<figcaption>The current condition of both Bourke Street Mall and Liittle Collins Street frontages. Images: GoogleMaps</figcaption></figure>According to the <a href="http://www.afr.com/real-estate/the-walk-arcade-owner-hua-sin-tay-plans-hotel-20171031-gzbmkb">AFR late last year</a>, the Singaporean owner has plans for a major overhaul of the well-known shopping mall that looks set to include a new hotel, replacing the existing red-brick warehouse which extends to Little Collins Street.

Without access to detailed plans, the extent of demolition of other heritage structures is not yet fully clear aside from the ground and first floors.

In preparation for the redevelopment, owner Hua Sin Tay - who paid $18 million for the Walk Arcade in 1993 - has signed up a series of pop-up stores to take over vacancies from departing tenants for 12 months through to Christmas of this year.

The 20 or so remaining tenants have leases with development clauses says the AFR article. It goes on to say that should development plans be approved, it is expected the arcade would be shut down completely to make way for the redevelopment.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/thewalkhotel.jpg" rel="gallery-all" title="The Walk Hotel as seen from Little Collins Street. Image : "><img alt="" class="image-article-full-width-580px" height="520" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/thewalkhotel.jpg?itok=wcYx8YWZ" title="The Walk Hotel as seen from Little Collins Street. Image : " width="580"></a>

<figcaption>The Walk Hotel as seen from Little Collins Street. </figcaption></figure>The design as indicated in the renders would replace an earlier scheme by Artisan Architects, with a focus on activating Union Lane with glazed shopfronts. Currently a narrow thoroughfare, Union Lane is characterized by its blank walls and roller doors covered in street art and tags. 

The only element of the Artisan Architects design is the entry canopies to Bourke Street which were installed as part of the first stage of works, almost five years ago. 

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/artisan_architects_walk_arcade_canopies.jpg" rel="gallery-all" title="Entry canopies were installed along Bourke Street Mall as part of Stage 01 works. Image : Artisan Architects"><img alt="" class="image-article-full-width-580px" height="372" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/artisan_architects_walk_arcade_canopies.jpg?itok=8OvaWAP_" title="Entry canopies were installed along Bourke Street Mall as part of Stage 01 works. Image : Artisan Architects" width="580"></a>

<figcaption>Entry canopies were installed along Bourke Street Mall as part of Stage 01 works. Image: Artisan Architects</figcaption></figure><blockquote>
Situated in the heart of the Melbourne CBD on the Bourke Street Mall, this project involves the refurbishment of seven existing buildings above the Walk Arcade and the construction of a new 10 storey building on Bourke Street. Once completed, the development will provide 466 new apartments and 1500 m2 of extra retail space in the mall.

The project presents a well-considered response to the difficulty of placing a residential complex in the heart of a commercial precinct. The new 10-storey building uses a vertical screen to provide visual privacy to the apartments as well as sun protection.

At the lower level, the screen is used as a backdrop to a full size photographic image of the building that occupied the space in the 1920's. At night time, the new building will become a lantern on Bourke Street Mall with the screen revealing the activities behind.

- Artisan Architects
</blockquote>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/artisan_architects_walk_arcade.jpg" rel="gallery-all" title="Artisan Architects' unbuilt scheme for The Walk Arcade as seen from Bourke Street Mall. Image : Artisan Artchitects"><img alt="" class="image-article-full-width-580px" height="362" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/artisan_architects_walk_arcade.jpg?itok=NNaHbh_e" title="Artisan Architects' unbuilt scheme for The Walk Arcade as seen from Bourke Street Mall. Image : Artisan Artchitects" width="580"></a>

<figcaption>Artisan Architects' unbuilt scheme for The Walk Arcade as seen from Bourke Street Mall. Image: Artisan Architects</figcaption></figure> 
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Bourke Street Mall

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