IProsperity Group expands Australia-based property portfolio

IProsperity Group expands Australia-based property portfolio

IProsperity Group continues to expand their Australia-based property portfolio with the recent purchase of Novotel Hotel at Glen Waverly, VIC.

IProsperity Group has recently paid the unusual but perhaps lucky amount of $73,666,666.66 for the Novotel Hotel at Glen Waverly in Victoria. It follows the group’s September purchase of 333 Kent Street, Sydney at the also lucky amount of $88,888,888. IProsperity Group, founded in 2005, is a composite investment group licensed to operate in the financial sector in Australia. It specialises in providing a comprehensive advisory service in private investment for clients from Asia. 

The sale was arranged by Neil Scanlan, Guy Wells and Gus Moors of Colliers International Melbourne. It was offered by an expressions of interest campaign in October and marketed as ‘the largest metropolitan hotel east of the Melbourne CBD’. The vendor was GW Hotel Investments, a syndicate that includes Sydney financier, Phil Green and property developer, Greg Shand. 

The 4-star Glen Waverly Novotel comprises 200 rooms, the Butchers Bench Restaurant, meeting rooms, a heated indoor pool, gymnasium and parking for 100 cars. Currently leased to and managed by Accor, the present arrangement expires in mid-2018, allowing the new owner the option of continuing with a hotel operator or installing their own hotel brand.

About CoreLogic

CoreLogic Australia is a wholly owned subsidiary of CoreLogic (NYSE: CLGX), which is the largest property data and analytics company in the world. CoreLogic provides property information, analytics and services across Australia, New Zealand and Asia, and recently expanded its service offering through the purchase of project activity and building cost information provider Cordell. With Australia’s most comprehensive property databases, the company’s combined data offering is derived from public, contributory and proprietary sources and includes over 4.4 billion decision points spanning over three decades of collection, providing detailed coverage of property and other encumbrances such as tenancy, location, hazard risk and related performance information.

With over 20,000 customers and 150,000 end users, CoreLogic is the leading provider of property data, analytics and related services to consumers, investors, real estate, mortgage, finance, banking, building services, insurance, developers, wealth management and government. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and geo spatial services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. CoreLogic employs over 650 people across Australia and in New Zealand. For more information call 1300 734 318 or visit www.corelogic.com.au.

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