Primewest selling Esplanade Hotel in Fremantle
The WA based property syndicate Primewest have listed the historic Esplanade Hotel in Fremantle.
CBRE have been appointed to steer the marketing campaign for the 46-54 Marine Terrace hotel (pictured above), which originally opened in 1897 as Fremantle’s first hotel.
Primewest are expecting to attract offers of about $110 million for the facility, according to a local paper, The Western Australian, a 20% increase on what they paid, $90 million, when they bought it from rich-lister Marylyn New in 2012.
Located on the corner of Marine Terrace and Essex Street, the building has been extensively refurbished and restored to create what is now regarded as "one of Perth’s premier accommodation and conference facility venues".
The offering contains 300 guestrooms, four food and beverage outlets and numerous conference facilities.
The property is situated over two sites and has total area in excess of 1.2ha.
Included in the sale is a 3,043 sqm site located at 7 Essex Street (pictured below), situated directly opposite the hotel, comprising 172 car bays, a 78sqm leased retail tenancy and 314sqm office.
Mr McGinnity commented “The opportunity to secure one of Perth’s largest hotels will ignite strong investor interest from local, interstate and international groups.
“With Fremantle being WA’s most visited tourism precinct after the Perth CBD, the sale of the Esplanade Hotel represents an outstanding opportunity to acquire a well-established operation,” Mr McGinnity added.
Mr Desange said significant investment in the Fremantle area - including a public and private development pipeline spend exceeding $1.3 billion – would have a "direct flow-on effect to the area’s tourism and retail industries".
Fremantle has not seen this level of development and investment since the America’s Cup over three decades ago.
Primewest’s founding Director, David Schwartz stated that they had invested significantly in this hotel to bring it up to modern standards.
Expressions of Interest close Thursday 6 September 2018.
