The boutique Pier 21 Apartment Hotel in the exclusive Perth suburb of North Fremantle is being offered for sale with a leaseback to renowned hospitality operator, the Prendiville Group.
Located on the northern bank of Perth’s Swan River, and boasting over 87 metres’ river frontage, the Pier 21 Apartment Hotel is a four-star resort complex comprising three buildings across a 4,006sqm land parcel.
The complex, situated at 7-9 John Street, accommodates 47 units, including studios and one and two bedroom units, in addition to conference facilities, gymnasium, spa, tennis court, swimming pool and onsite parking for 47 vehicles.
The northern building has been preserved to retain its heritage style, consisting of a two-storey stone building accommodating a manager’s residence and reception area.
CBRE’s Ryan McGinnity and Ben Younger have appointed to sell the property with a five year lease to the Prendiville Group via an Expressions of Interest campaign.
Mr McGinnity said the property’s premium riverfront position was expected to attract strong buyer interest.
“The opportunity to secure such a substantial riverfront hotel asset in a sought after location will spark strong interest from local, domestic and offshore groups,” Mr McGinnity said.
“With a secure lease in place to the established and highly regarded Prendiville Group, Pier 21 Apartment Hotel represents an attractive and quite unique opportunity in the current market.”
Mr McGinnity added that recently announced direct flights from London and China, as well as the State Government’s commitment to growing tourism, would fuel growth in Perth’s hotel market.
“Perth is positioned to become the holiday destination of choice for inbound tourists to Australia, particularly given its proximity to our Asia neighbours who account for a strong and growing portion of our tourism industry.”
Mr Younger said the property’s appeal also extended to future development.
“This 4,006sqm land parcel is zoned R40 – allowing for opportunity to explore future residential development or conversion to strata. Coupled with its size and riverfront position, this property is an outstanding investment that offers immediate return with a huge potential for growth,” Mr Younger explained.
Pier 21 apartment hotel is being offered for sale by Expressions of Interest closing 2.00pm WST March 17.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
