The stunning Esplanade Hotel property has been put to market by Primewest, offering one of Perth’s premier accommodation and conference venues and development potential, with price tag believed to be north of $100 million.
The historic Esplanade Hotel, on the corner of Marine Terrace and Essex Street in Fremantle, was built in 1897, making it the precinct’s first hotel.
It was purchased in 2012 for $88.5 million by Primewest from Marilyn New, the company executing an extensive refurbishment and restoration, and installing Rydges as operator of the 300 accommodation rooms.
The massive building enjoys multiple income streams, also including four food and beverage outlets and extensive conference facilities.
“We have invested considerable funds in refurbishing, modernising and adding facilities to the hotel enabling it to successfully compete with the new hotel entrants in the market,” offers Primewest founding Director David Schwartz.
As well as the two lots the Hotel occupies, totalling more than 12,000sqm (1.2Ha), the property counts another 3,043sqm lot directly opposite, housing 172 car bays, a 78sqm leased retail tenancy and 314sqm office. The second lot offers substantial future development potential in the rapidly gentrifying area.
Fremantle is seeing significant investment, including a pipeline of public and private developments exceeding $1.3 billion unrivalled since the city’s America’s Cup defence more than 30 years’ ago.
The asset is being marketed by CBRE’s Aaron Desange, Ryan McGinnity and Chloe Mason, who note the effect the development will have on tourism and economic growth, and the rarity of a vacant possession offering of this calibre.
“With Fremantle being WA’s most visited tourism precinct after the Perth CBD, the sale of the Esplanade Hotel represents an outstanding opportunity to acquire a well-established operation that has strong connections to the area’s rich history,” says McGinnity.
The Esplanade Hotel is to be sold via Expressions of Interest, closing Thursday, 6 September.