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BGC Sells Aloft Perth & 25 Rowe

New mixed-use asset sold to Singaporean investor in $100 million deal



The Aloft Perth together with the adjoining office building 25 Rowe has sold in a

$100 million transaction through JLL's Mark Durran, John Williams and Tom Nattrass. Singaporean group Meteorite Land has entered into contracts to acquire the property.

Mark Durran, Managing Director- JLL Hotels & Hospitality Group said, "Given the high build quality of this near­ new property and its unique income profile, we received strong investor interest as expected, both domestically and from South East Asia. The mixed-use income streams had strong appeal to both private and institutional investors".

The mixed-use asset is on one title and has a total site area of 6,385 square metres. Located on the Great Eastern Highway at Rivervale, it is situated in close proximity to the Burswood Entertainment precinct and the newly opened Optus Stadium, ideally located for business, leisure and conference markets, whilst also benefitting from an array of transport links.

The hotel and office building opened in May 2017, and the Aloft Perth features 224 design-led rooms starting at 33 square metres, offering high ceilings, floor to ceiling windows, and furnished with flat screen TVs, long sofas, and spacious bathrooms including rain showers. Food & beverage facilities include a 24-hour 'grab&go' pantry offering healthy snacks, W XYZ Bar for drinks and occasional live music, and Springs Kitchen - the hotel's all-day dining serving modern Australian cuisine. The hotel provides 593 square metres of conferencing space with a 300 square metre ballroom, including a 150 square metre rooftop terrace area boasting 270-degree views of Perth CBD and the Swan River. Other facilities include a state of the art fitness centre and a heated outdoor swimming pool.

25 Rowe is a rare non-CBD Grade-A office building offering 10,569 square metres of net lettable area, modern end of trip facilities, and parking for 509 vehicles. The building is 81% leased to high quality notable tenants and has a WALE of 7.6 years.

Tom Nattrass said, "25 Rowe is Perth's newest and best suburban Grade-A office building and it provides the buyer with a diversified office income, separate to that from the Aloft Hotel, and with further potential for it to take advantage of the continued upturn in Perth's office market".

Mr Nattrass added, "Investors were also attracted by the high quality of blue chip tenants in the office component".

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JLL's Hotels & Hospitality Group up has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totalling more than USD68 billion worldwide. Between negotiating the world's most extraordinary, enticing, and profitable property deals, the group's 350-strong global team also closed more than 4,400 advisory, valuation and asset management assignments. Investors worldwide turn to JLL to shape their strategies, tailor their portfolios and maximize the value of their assets. We are recognised as the global leader in real estate services across hospitality properties of all shapes and sizes. Our expert advice is backed by industry-leading research. We apply our broad spectrum of hotel

valuat ion, brokerage , asset management and consultancy services through every phase of the hotel lifecycle. We have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world. Whether you are looking for a hotel or you are ready to sell, we'll use our capital markets expertise, hospitality industry knowledge and global relationships to put the right parties together and execute a bespoke deal that exceeds your objectives.

 

For more news, videos and research from JLL's Hotels & Hospitality Group, please visit: www.jll.com/hospitality . download the Hotels & Hospitality Group app for iOS and Android.