The company behind the development, IDS Developments, said construction on the Eden Hotel Apartments development was due to start on site at 317 to 321 Maude St opposite the Parklake Hotel in the coming months.
“There’s a drastic shortfall in Shepparton’s premium business and leisure accommodation market. Good quality hotels are lacking in Shepparton, with the situation set to get worse," IDS Developments managing director Phil Petch said.
“I can’t believe there is so little quality accommodation in Shepparton given the size of the population and strong, diversified economy. Shepparton has so much character and great prospects for future growth.”
IDS Developments, which redeveloped the R Hotel in Geelong, said the apartments were sold out before they officially hit the market.
The new complex will aim to tap into the business travel market, with the developer citing a 2023 Urban Enterprise report showing 84 per cent of Shepparton’s business travellers stay overnight, compared to the statewide average of 67 per cent.
Despite that figure, and with demand growing, it said the market was not being met by existing stock.
IDS Developments said the complex would include three conference rooms aimed at the business and government sectors and a boutique café opening on the street.
“There is currently no other offering of this calibre in Shepparton’s premium accommodation space. We are delighted with how the development has been embraced, evidenced by our pre-sales being at capacity,” Mr Petch said.
“Everyone talks about Geelong, and I saw Geelong back in 2010 as really going places, and I can see the same thing with Shepparton.
“It’s a two-hour and a bit drive from Melbourne. No traffic lights, and it’s got all this land and a workforce, so to me as an outsider, it’s got all the ingredients for really strong growth.”
The development was approved after being deemed in accordance with the City of Greater Shepparton’s planning scheme.
23°C