Tribe Hotels has secured a site in Langridge Street, Collingwood.
Local developer Joseph Chahin has sold part an enormous Collingwood property he bought four months ago to Tribe Hotel Group – a joint partnership between co-founders Mark and Melissa Peters with the Victor Smorgon Group and Salta Properties.
Chahin’s Peregrine Projects is banking an as yet undisclosed sum for the 1056 square metre site known as 60 Langridge Street.
The land forms part of a 3000 square metre property marketed as 60-88 Langridge Street, and which Peregrine acquired for a reported price of about $27 million.
“The sale to Tribe Hotel Group is the first step in a five-year re-development plan and the intended hotel usage cements the precinct as an iconic destination point,” Mr Chahin said.
Peregrine also plans to build office buildings on the site, currently configured with a low rise office building and car park.
The off-market sale to Tribe was negotiated by Colliers International Associate Director – Hotels, Guy Wells.
Tribe opened its first hotel in Perth eight months ago. It is set to open hotels in Hobart and Adelaide before expanding into international markets.