THE Bayswater Hotel & Motel freehold has been put to the market, after the 6,500 sqm of land the historic Perth venue sits on and its surrounds were earmarked for rezoning.
Development WA, the state government’s new land development agency, released design guidelines last week for the Bayswater Project Area indicating greater development would be allowed to support population growth and public transport use.
Discretionary height of up to 18 storeys – or 55 metres – will now be considered on the Bayswater Hotel site. Spanning 6,452 sqm, it is directly opposite the Bayswater train station and is set to significantly benefit from a new $253 million upgrade as part of Perth’s Metronet project.
Three separate train lines, the Midland, Forrestfield-Airport and Ellenbrook lines, as well as a feeder bus terminus will converge at the Bayswater station. Only the Perth CBD train station will have greater public transport access.
The upgrades will for the first time provide the option to travel by rail to and from Perth Airport, the Swan Valley tourist region, and the CBD.
JLL’s Chloe Mason and Sean Flynn are handling the expressions of interest for the Bayswater Hotel & Motel freehold, marking the first time in 40 years the freehold has been put to the market.
“If our previous hotly contested campaigns for the Subiaco Hotel and Leopold Hotel are anything to go by, this landmark watering hole with its 123-year history will undoubtedly gain a significant amount of interest from multiple buyer profiles,” Mason said.
The Hotel is licensed for 744 patrons and has undergone several renovations, the most recent in 2013 which included the addition of 20 new hotel rooms. The property comprises three bars, a restaurant and function area, beer garden, large café, drive-thru bottle shop, TAB and 40 short-stay accommodation rooms.
“The business provides an incoming operator with the opportunity to secure a consistently performing hotel with a diverse income stream underpinned by a solid F&B offering. Add to this a loyal local following, leased TAB, bustling drive-thru liquor and a substantial and meticulously maintained accommodation offering,” Mason said.
Flynn said the property offers historical significance within the catchment, very strong current trading performance, diverse income streams, strategic location, minimal competition, flexible additional use profile and its large underlying landholding.
“From a future development or repositioning perspective, unlike typical infill sites, the Bayswater Hotel & Motel provides a unique and significant development opportunity for savvy developers to pursue site optimization whilst maintaining a robust income stream from the existing business operations.”
Mason is expecting participation from a range of parties spanning the hospitality and development sectors “as we’ve seen from previous land rich hotel offerings like the Bayswater”.