This article is from the Australian Property Journal archive
THE Prendiville Group is offering its boutique Pier 21 Apartment Hotel in North Fremantle with a sale and leaseback agreement.
Located on the northern bank of Perth’s Swan River, the four-star resort complex at 7-9 John St, comprises three buildings across a 4,006sqm land parcel.
The complex accommodates 47 units in addition to conference facilities, gymnasium, spa, tennis court, swimming pool and onsite parking for 47 vehicles.
CBRE’s Ryan McGinnity and Ben Younger have appointed to sell the property with a five-year lease to the Prendiville Group.
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,” 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.”
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,” Younger said.
Australian Property Journal
