Government buys 5-star hotel for social housing
The state government has quietly bought the 5-star Fraser Suites hotel which was converted to residential accommodation during COVID.
The 19 level building with 236 apartments – an average 65 square metres – is earmarked for social housing.
Global Frasers Hospitality was the vendor; it developed the building 12 years ago as part of the Queens Riverside project, also with a luxury apartment tower next door.
The outlay is $105 million – or c$445,000 a unit.
Repurpose planned
Prior to COVID, the priciest Fraser Suites rooms were asking over $500 per night.
At 10 Adelaide Terrace, East Perth, 85 dwellings are studios.
The balance (151) contain one and two bedrooms and separate living rooms.
All apartments have laundry facilities.
The asset also has 11 commercial tenancies and a rooftop bar.
The government is expected to renovate – removing a pool, gym, meeting rooms and a ballroom.
A community housing provider will then manage both the residential and commercial components.
Half the dwellings are expected to accommodate low-paid workers.
The balance will be drawn from the Housing Register, otherwise known as the “waiting list” which has over 20,000 applicants.
Global Frasers Hospitality is part of the Singapore based Frasers empire.
The deal comes a fortnight since we reported Cedar Woods was awarded a contract to develop a five level social housing complex with 97 units and six ground floor shops at Noble Park, in Melbourne’s south east.
Occupants here will also be drawn from Housing Register.
In May meanwhile, the Queensland government fast tracked a project of this type, with 58 dwellings across seven storeys, at Ipswich.
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