Christie family divests $57m motel portfolio
John Christie has sold two motels held over 30 years in Perth’s inner east Riverdale.
In the biggest deal, Singapore listed Hiap Hoe Limited is paying $40 million for the Great Eastern Motor Lodge, at 81 Great Eastern Highway.
The result values each of the (198) rooms at c$202,000.
On 1.19 hectares, capturing Swan River and city skyline views, the site also has 180 car parks.
Hiap Hoe will retain its use; offered with vacant possession but with a track record of high occupancy, it will boost the group’s recurrent income streams, it said.
It also occupies a high-profile position in the precinct, undergoing a major gentrification with high density residential, commercial.
JLL’s Andrew Langsford and Sean Flynn were the agents.
Elsewhere in the area this month, Vicinity listed the Victoria Park Central shopping centre, at the Burswood border, also in Perth’s inner-east – the smallest mall by value in its portfolio.
Constructed 24 years ago it contains 5771 square metres anchored to Woolworths.
On 1.3ha affected by a Precinct Structure Plan which would allow 22 storey high density residential, it could wind up in the hands of developer.
Stonebridge’s Justin Dowers and Kevin Tong with Cygnet West’s Tim Scott and Ian Mickle are the agents (story continues below).
Flag Motor Lodge
Meanwhile, a United States based private investor in their maiden Australian hotel deal, is paying $17 million for the Flag Motor Lodge, at 129 Great Eastern Hwy.
On 9865 sqm, it contains 116 rooms, a restaurant, swimming pool and c100 car parks.
It and the Great Eastern service the town’s large fly-in-fly-out corporate segment, as well as visitors to nearby Crown Casino and Optus Stadium.
“The sale involves two well established accommodation assets held by family interests for over 30 years offering dominant land holdings,” Mr Langsford said. “The strategic locations between Perth’s CBD and the airport as well as their proximity to major attraction proved highly desirable for investors”,” according to the agent”.
Range of suitors: agent
Mr Flynn added the campaigns highlighted Perth’s attractiveness to interstate and offshore investors.
“Given the current housing crisis gripping the state, the focus of interest was very broad including build to rent operators and even the state government,” he said.
Mr Langsford added the city’s Revenue Per Available Room (RevPAR) is 40 per cent up on 2019 (pre-COVID) numbers.
Subscribe to our newsletter at the bottom of this page.
