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Adelphi Hotel back on the market as Sydney buyer sticks to home ground

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Property company Virtical is hoping to flip the hotel in Flinders Lane for more than the $25 million it paid in May 2023 so it can to focus on its Sydney assets.

The Sydney property company that swooped on the Adelphi Hotel last year is kissing its Melbourne aspirations goodbye and putting the Flinders Lane property back on the market.

JLL’s Nick Macfie and Peter Harper, with Savills’ Nick Lower and Benson Zhou, are handling the Adelphi sale campaign. The two-storey building at 550 Swan Street, in the heart of the office end of the strip, was sold by KordaMentha, acting as receivers and managers to collapsed property developer the Residence Co.

The deal was managed by Cushman & Wakefield’s Daniel Wolman, Hamish Burgess, and Joe Kairouz, together with JLL’s Jesse Radisich, Josh Rutman and Tim Carr.Aged-care developer and operator Levande has made its first play in the Melbourne market since buying Stockland’s retirement village portfolio in 2022, spending more than $20 million on an infill-site in Geelong.

The company recently bought 14 properties on a 1.25-hectare parcel of land in Sydney’s Castle Hill Showgrounds precinct, where it is planning a 217-unit mid-rise village.

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