Devonport Waterfront Hotel sold for $40 million
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Devonport Waterfront Hotel sold for $40 million
Singapore developer Fragrance Group has expanded its Tasmanian hotel portfolio with the acquisition of the Devonport Waterfront Hotel.
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Knight FrankAn artist's impression of the completed Devonport Waterfront Hotel.
The highly anticipated Devonport Waterfront Hotel on Tasmania's north-west coast has been sold to a Singaporean developer for about $40 million.
Construction of the 187-room hotel began last week after Fragrance Group signed a freehold agreement with local developer Fairbrother.
Led by billionaire Koh Wee Meng, Fragrance Group have proven to be a fan of Tasmanian assets, having already been responsible multiple hotel developments in the state.
At a glance:
- The Devonport Waterfront Hotel has been sold to Singapore-based developer Fragrance Group for about $40 million.
- The deal was brokered through Scott Newton of Knight Frank.
- Scheduled to be completed next year, the development forms part of the region's LIVING CITY master plan.
In a post on social media, selling agent Scott Newton of Knight Frank commended the group for its commitment to Tasmania, adding that there was an undersupply of quality accommodation offerings along the north-west coast.
"Fragrance Group's investment and ongoing commitment to the state of Tasmania is outstanding, with this being their third new hotel to be constructed in the state and a number of others proposed," he said.
"This sale represents the most significant single tourism investment project for many years on Tasmania’s north west coast.
"Knight Frank is pleased to announce a major transaction and congratulate the vendor/builder Fairbrother and the purchaser Singapore based Fragrance Group."
An aerial view of the site. Source: Knight Frank
His sentiments were echoed by Devonport Mayor Annette Rockliff who said she was delighted that Fairbrother had finally reached an agreement which would enable work to commence.
“It has taken some time, but Council has always understood that private investment projects of this magnitude do require extra time for all the elements to be put into place and Council congratulates Fairbrother for achieving this milestone,” she said.
“The Waterfront Hotel has always been a key part of the LIVING CITY master plan adopted in 2014 and will be a real driver for economic growth in our city.
“To secure a major international hotel developer such as the Fragrance Group will open up many new and exciting opportunities for our city.’’
“Council is pleased to hear the Fragrance Group is focused on a 4.5-star brand, as there is an obvious gap in the market for this level of accommodation on the Coast.”
The hotel is scheduled to open in 2021.
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