This article is from the Australian Property Journal archive
PERTH’S iconic hotel, Miss Maud, is on the market and tipped to fetch more than $10 million.
The listing follows last week’s launch of the 17th Miss Maud Pastry/Coffee House at Mandurah.
Savills’ Barney Dear and Chas Moore are marketing the 97 Murray St Perth.
The property comprises a 52 room, 2,740 sqm hotel, including reception, takeaway shop with alfresco, a 200 seat restaurant including separate conference/dining room, a full commercial kitchen and a roof top garden on an 1,162 sqm site.
Dear said the property is less than 200 metres from the Murray and Hay Street retail malls and within a precinct which is currently benefitting from several major projects including the redevelopment of the State Buildings, the construction of the new Westin Hotel and the new QT Hotel.
“When you consider the State Budget’s recent, additional, $47 million contribution to tourism, the recent development of key Perth infrastructure projects such as Elizabeth Quay, Burswood Stadium and Kings Square among other works, and record international visitor numbers, Miss Maud’s offering could scarcely have come at a better time,”
Dear said the timing of the sale provided a rare opportunity for those looking to enter or consolidate their Perth hotel interests as well as offering significant upside in terms of development potential.
“With a potential 7.5:1 plot ratio and nearly 70 metres frontage to Murray and Pier streets, the site offers the flexibility of re-branding and continuing current operations, refurbishment of the current improvements or complete redevelopment of the site,” he added.
Moore said with historically low interest rates and a lack of investment opportunity in alternative asset classes, the hotel property class was outperforming against a backdrop of compressing yields.
“With international and domestic visitors growing 11.5% and 5% respectively in calendar year 2016, the hotel industry has not seen growth at this level since the Sydney 2000 Olympics.
“Those figures are exceptional and a great sign for the future of the sector and are driving serious demand for hotel stock across the country,” Moore said.
He said Tourism Research Australia’s 10-year forecast provided a very positive outlook for continued growth with international visitor nights and domestic visitor nights expected to grow at 5.6% and 3.1% a year respectively ensuring increased room night demand nationally for the foreseeable future.
Moore said he expected a high level of enquiry for the property given the scarcity of hotel product for sale, particularly in the CBD markets, matched against a wall of foreign and local capital searching for opportunities.
A spokesperson for Miss Maud said the sale would facilitate the planned expansion and future development of the company’s core businesses being coffee houses and bakehouse production.
The expressions of interest closes on September, 7 at 2pm.
Australian Property Journal
