Punt Hill To Build 127 Serviced Apartments
The Age
Wednesday November 7, 2007
THE Punt Hill Group plans to build 127 serviced apartments in two projects in Melbourne's south-eastern suburbs.
The developments will increase the number of serviced apartments in metropolitan Melbourne to more than 4500, or about 30 per cent of all tourist accommodation in the city, up from 11 per cent a decade ago. The biggest serviced apartment project is in South Yarra, where Punt Hill is planning a 72-room complex at developer Michael Yates' 7 Yarra Street. The former inner-city industrial hub is being converted to commercial office and residential high-rise buildings, with ground-floor shops.Another project, at the prominent former Arkana site on the block bounded by Lonsdale, Foster and Thomas streets in central Dandenong, will deliver about 55 rooms to the market by the end of next year.The suburbs surrounding Dandenong, including Dandenong South and Carrum Downs, are experiencing a surge in industrial development, which is expected to intensify over the next five years after the EastLink freeway opens.Punt Hill managing director Arno Caras says the aim is to encourage business travellers who visit south-eastern businesses to stay in the area, rather than driving into the city."We are offering these clients new, stylish, contemporary apartments in complexes that include business centres, conference rooms and full internet connection," Mr Caras said.Jones Lang LaSalle research shows the number of serviced apartments in metropolitan Melbourne has surged over the past 10 years. Its latest analysis of the tourist accommodation market reveals that while the number of hotel rooms in Melbourne has increased by nearly 60 per cent in the past 10 years, the number of serviced apartments has surged by more than 300 per cent - making it the fastest-growing category of tourist accommodation in the city.LINK? punthill.com.au
© 2007 The Age