Subiaco Hotel Arrives to Market
The Subiaco Hotel represents a generational opportunity to acquire Perth’s most iconic inner-metro hotel which benefits from significant redevelopment potential plus the potential to generate a substantial holding income.
EMBARGOED PERTH, 26 June 2019 – JLL and Richard Nobel as joint exclusive selling agents are pleased to offer for sale the 100% freehold interest in the Subiaco Hotel, 455-465 Hay Street, Subiaco WA along with the operating pub business.
Following Michael and Judy Monahan’s recent announcement of their imminent retirement from the hospitality industry after 50 years, the properties ownership group has formally placed the property on the market.
For over 100 years the Subiaco Hotel has been recognized as Perth’s most iconic pub, less than 3 kilometers west of the CBD. The property occupies a prominent corner location in the heart of Subiaco’s retail and entertainment precinct. The property sits on the South East corner of the key intersection of Hay Street and Rokeby Road.
The owners have assembled an experienced and diverse agency team with JLL Directors Sean Flynn and Nicholas Agapitos, JLL National Director Hotels and Hospitality specialist John Musca, and Subiaco specialist Alex Gregg and Peter Trinh of Richard Noble.
The Subiaco Hotel has never before been formally offered with both its freehold and business components being available for purchase. This coming together of the freehold and business unlocks the undoubted and significant potential of the 2,060sqm underlying site.
The property exhibits a very strong combination of fundamentals including its high profile, outstanding location, attractive plot ratio and building height entitlements, flexible use profile and significant holding income potential.
“Much like our sale of the White Sands Tavern in Scarborough for $24,500,000, the Subiaco Hotel represents a rare opportunity to acquire a sought-after, prime metropolitan hotel, with substantial development potential offering an array of options for astute investors”, Sean Flynn stated.
Additionally, in 2014 under the guidance of Architects Christou Design “The Subi” underwent an extensive refurbishment at a reported cost of approximately $6,500,000.
The project delivered a contemporary twist on the properties heritage roots, establishing a mix of attractive licensed areas and modern back-of-house facilities, whilst maintaining the rich history and heritage which has made the Subiaco Hotel such a popular venue.
These extensive modernized facilities will offer the purchaser significant holding income potential whilst they contemplate their redevelopment options.
The Subiaco Hotel is offered For Sale by Expressions of Interest closing 12pm (AWST) Thursday 8 August 2019.
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