Perth

Rebounding WA economy to strengthen Airport accommodation

CBRE Hotels’ Ryan McGinnity and Chloe Mason have been appointed to market the self-contained apartment complex, which was named Best New Business 2016 by City of Belmont.

01 Aug 2018

The award-winning Airport Apartments by AURUM in Perth’s Redcliffe has been listed for sale, presenting an opportunity to capitalise on the state’s growing tourism and FIFO workforce. 

CBRE Hotels’ Ryan McGinnity and Chloe Mason have been appointed to market the self-contained apartment complex, which was named Best New Business 2016 by City of Belmont. 

Located 1.5km from the Perth Domestic Airport and 10km east of the Perth CBD, the property comprises 52, two-bedroom, two-bathroom apartments, each fully equipped with a well-appointed kitchen, washing machine and dryer. Each apartment offers a car parking bay, with a further 16 visitor spaces available, ideal for intrastate families seeking a stopover to lock and leave their vehicles when travelling overseas or interstate.  

Owner operated, Airport Apartments is located on a 7,206sqm site currently zoned mixed use with exiting improvements having strata potential. 

Mr McGinnity said the property represented an outstanding opportunity to acquire a quality built operation in a key growth zone. 

“With ample onsite parking, Airport Apartments supports Western Australia’s intrastate drive in drive out tourists, as well as providing some of the closest airport accommodation supporting the FIFO workforce, international and domestic tourism industry,” Mr McGinnity said. 

“Immaculately presented, Airport Apartments will no doubt grow in profitability as the resource sector strengthens along with general economic conditions. Currently owner operated, the ability to rebrand the property and leverage off potentially a larger groups loyalty program offers genuine upside to the existing business. “ 

Ms Mason said the property also represented an attractive opportunity for incoming owners looking to further capitalise on the nature of the exiting development. 

“With strata potential and mixed use zoning, the 52 apartments offer purchasers who may have alternative use proposals the opportunity to strata and sell down individual apartments,” Ms Mason said. 

“Subject to council approval, uses including permanent residential, retirement and/or aged care living could be considered. The ability for vacant possession of single ownership properties such as Airport Apartments is rare and allows purchasers to consider multiple future uses under the zoning.” 

The property, located at 100 Coolgardie Avenue, Redcliffe, is being offered for sale via Offers to Purchase closing September 11, 2018.For Australian/international news or global stories, follow us on Twitter: @cbreaustralia

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), 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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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.

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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 https://www.cbre.com.