The idyllic beachside Indian Ocean Hotel has hit the market after 30 years’ operation by a local family.
Following the passing of the father and long-time publican, his sons determined the best way forward was sale through independent managers and HLB Mann Judd was appointed to execute the divestment.
“After the death of the majority partner, the other partners appointed receiver/managers to run the sale process to keep it equitable and fair,” CBRE Hotels’ Ryan McGinnity told PubTIC.
The large hotel is known as one of Perth’s premier live music venues, with many big names treading the boards of its iconic Indi Bar. The generous block is situated within the Scarborough Redevelopment Area slated for a $57 million investment by the Metropolitan Redevelopment Authority.
As well as the popular Indi Bar and bistro, the Indian Ocean features 59 hotel rooms across five levels plus significant redevelopment opportunity with residential zoning that currently allows for eight storeys, or potentially as high as twelve. The Hotel continues to enjoy high occupancy and consistent trade.
CBRE’s McGinnity and David Kennedy have been appointed to market the iconic asset, and make note of the site’s potential in several forms, including retaining the hotel or complete overhaul.
“The property is not only one of the most loved hotels and live music venues in the northern beachside suburbs, but it is also strategically situated on 4,200m² landholding in the soon-to-be-revitalised Scarborough Redevelopment Area,” continued McGinnity.
“The multiple options that the site offers suggests the asset will be keenly sought after by onshore and offshore groups looking at hotel investment, or future residential or mixed-use redevelopment.”
The property is being sold via an Offers to Purchase* campaign, offering ‘Walk in Walk out’ (freehold going concern) takeover. The campaign closes 12 May, 2016.
*Offers to Purchase: a prepared contract is supplied to potential buyers, who return a bid and proposed terms of sale.