The sale follows the 27 July launch of the 17th Miss Maud Pastry/Coffee House at Mandurah, WA, extending the group’s reach outside the metropolitan area.

Savills Manager Metropolitan & Regional Sales, Barney Dear, who is marketing the 97 Murray Street Perth property with Director City Sales & Investments, Chas Moore, said Qantas’ decision to begin direct flights to London underlined industry confidence in Perth’s tourism sector.

“Direct flights between Perth and London are, in no uncertain terms, a vindication of the exceptional potential of Perth’s tourism market. When you consider the State Budget’s recent, additional, $47 million contribution to tourism, the recent development of key Perth infrastructure projects such as Elizabeth Quay, Burswood Stadium and Kings Square among other works, and record international visitor numbers, Miss Maud’s offering could scarcely have come at a better time,’’ Mr Dear said.

The property comprises a 52 room, 2,740 square metre hotel, including reception, takeaway shop with alfresco, a 200 seat restaurant including separate conference/dining room, a full commercial kitchen and a roof top garden on an 1,162 square metre site.

Situated in the Historic Heart of the Perth CBD on the corner of Pier Street, the property is a little over 300 metres from Perth Railway Station, less than 200 metres from the Murray and Hay Street retail malls and within a precinct which is currently benefitting from several major projects including the redevelopment of the State Buildings, the construction of the new Westin Hotel and the new QT Hotel.

According to Tourism WA, tourism continues to be a significant contributor to the WA economy with annual visitations, as at March 2017, up 9.1 percent, predominantly driven by the growth in International visitors which, for the first time, has passed more than 900,000 international visitors in a year.

Mr Dear said the timing of the sale provided a rare opportunity for those looking to enter or consolidate their Perth hotel interests as well as offering significant upside in terms of development potential.

“With a potential 7.5:1 plot ratio and nearly 70 metres frontage to Murray and Pier streets, the site offers the flexibility of re-branding and continuing current operations, refurbishment of the current improvements or complete redevelopment of the site,” he said.

Mr Moore said with historically low interest rates and a lack of investment opportunity in alternative asset classes, the hotel property class was outperforming against a backdrop of compressing yields.

“With international and domestic visitors growing 11.5 percent and 5 percent respectively in calendar year 2016, the hotel industry has not seen growth at this level since the Sydney 2000 Olympics.

“Those figures are exceptional and a great sign for the future of the sector and are driving serious demand for hotel stock across the country,” Mr Moore said.

He said Tourism Research Australia's 10-year forecast provided a very positive outlook for continued growth with international visitor nights and domestic visitor nights expected to grow at 5.6 percent and 3.1 percent a year respectively ensuring increased room night demand nationally for the foreseeable future.

Mr Moore said he expected a high level of enquiry for the property given the scarcity of hotel product for sale, particularly in the CBD markets, matched against a wall of foreign and local capital searching for opportunities.

A spokesperson for Miss Maud said the sale would facilitate the planned expansion and future development of the company’s core businesses being coffee houses and bakehouse production.

After establishing Perth’s first authentic Miss Maud Swedish Pastry House in 1971, 2001 Western Australian Citizen of the Year (Industry & Commerce) Maud Edmiston’s empire now extends to 17 pastry houses, an extensive online catering business, and a Swedish Bake house as well as the Murray Street property.

To view more information and the EOI closing date, contact the below brokers or click the below link to view the Savills listing.

See also:

Iconic Perth nightclub sells for first time in 34 years

Gateway Perth CBD hotel development site for sale by Colliers International

Savills reports Australia recorded the second highest transaction volumes across Asia Pacific totalling AU$462.2 million