Charter Hall is selling the historic and long-dormant Royal Hotel Perth as its Yagan Square redevelopment and the huge City Link project restore it to the heart of the city.
The two-storey and heritage-listed Royal was built in 1882, marking the juncture of Wellington and William Streets.
More than a century later, it is an integral part of Raine Square, site of a Bankwest tower holding 4000 employees, and over five million annual visitors. Raine Square is destined to be a 7-day-a-week retail, dining and entertainment destination, with 40 new stores, anchored by Coles, Rebel Sport and Palace Cinemas.
The development includes plans to significantly upgrade the heritage-listed Royal, restoring feature design elements and high ceilings.
Raine Square is also opposite another big development, Yagan Square, estimating another 50,000 visitors daily, and adjacent to Perth Busport and a new train station.
The majestic old pub, with its second-level wrap-around 128sqm balcony, has not traded in over a decade, and freehold owner of the sites, Charter Hall, is in final discussions with the Heritage Council around the exterior works.
Charter Hall has engaged CBRE Hotels’ Ryan McGinnity and Aaron Desange to market the leasehold opportunity, ahead of the new tenant working with the vendors on a suitable fit-out.
“They’re looking for the right operator for the long term,” says McGinnity. “Not necessarily a local, but someone who understands what they’re looking for there and trying to create. We want to get people through to have a look and get a feel for it.”
The lease terms and length will be negotiated with interested parties, and following the interior work the pub could be trading by the end of 2019. McGinnity believes the combination of a cracking balcony and bustling intersection will mean great things in the future of the Royal.
“Yagan Square is now the centre of the Perth City Link redevelopment, connecting Northbridge and the city.
“The Royal’s got that potential to be the pub of choice in town.”