In the first Perth metropolitan accommodation transaction since the end of 2019 and the onset of the COVID-19 pandemic, the Airport Apartments by Aurum Redcliffe sold to developers Eurowide in a strategic move to add to their existing portfolio. JLL Senior Executive of Hotels & Hospitality Group WA Chloe Mason exclusively negotiated the off-market sale.

The short stay apartment complex opened in March 2013 and has been operated by Belmont businessman, Michael Kar, who also built the apartments with his business partner.

The property comprises 52 two bedroom-two bathroom apartments, each containing a kitchen, laundry, and individual storeroom, while there are also 68 car bays. It occupies a large 7,206sqm site on Coolgardie Avenue in Redcliffe, just 1.5km from the Perth Airport and 10km east of the Perth CBD.

The multi-sale also included the rear residential house at 95 Bulong Avenue which was an attractive proposition for the purchasers, who also own and operate the Ramada Vetroblu, Scarborough Beach, enabling them to expand the key count in future years.

Ms Mason said, “Like all accommodation providers, Airport Apartments by Aurum were not immune to the initial blow from the COVID-19 shutdown in March 2020. However, as the property’s guest profile was mainly domestic travelers, benefiting from a strong fly-in-fly-out demand, it rebounded strongly and performance has remained steady ever since.”

“The demand for quality accommodation assets like airport apartments has been slowly escalating, which is not surprising considering global vaccination rollouts are preempting the re-opening of air travel. We have a number of qualified buyers currently seeking vacant possession motel and short-stay investment assets in Western Australia”, Ms Mason added.

To request a sales analysis please contact the JLL selling agent Chloe Mason via the below contact form:

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