ZACD quits strata hotel in the black
Hong Kong listed, Singapore based investment manager, ZACD, has sold a strata titled West Perth hotel after eight years.
The group has collected $18.88 million for the vacant Sebel West Perth Aire at 647-659 Murray Street.
Capital Bay Investments is the buyer with plans to operate, retaining the name, an Accor brand.
Over four floors of the 22 level Aire Apartments complex, the asset contains 64 studios each with a car park and balcony.
Also with a heated outdoor pool, conference room, gym and outdoor dining area, the lettable area is 3410 square metres.
ZACD ends in the black
ZACD, which turns 20 this year, outlaid $12.5m for the Sebel West Perth Aire complex.
That seller was the skyscraper developer, Finbar.
Aire Apartments contains 178 dwellings and two commercial spaces.
“The decision to retain the Sebel brand underscores the value of its established market presence and Accor’s distribution network,” JLL’s Gus Moors, who represented ZACD with Andrew Langsford and Sean Flynn, said.
“The property’s prime location at 659 Murray St offers easy access to Perth’s commercial district, upcoming ECU City Campus, and key entertainment venues,” he added.
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