West Australian developer Finbar is selling the boutique hotel component of its 22-level Aire West Perth apartment tower off-the-plan. The 64-key serviced apartment hotel can be bought with freehold and leasehold purchase options.

Finbar Group Limited is the state's largest residential apartment developer. They've appointed Resort Brokers Australia senior broker, Glenn Millar, and Australian Business Sales managing director, Steve Dawson, to handle the campaign.

The new 4.5-star Aire Serviced Apartments hotel will occupy levels one to four of Finbar’s $125 million mixed-use tower, with 178 residential apartments above and two commercial premises at ground level. Construction on a prime 3,410sq m site in Murray Street, West Perth, is due to start later this year, with completion anticipated by mid-2018.

Millar said three purchase options were available, allowing for an owner-operator to buy the freehold outright to brand and run themselves, or for the asset to be split into leasehold business and passive freehold investment opportunities.

"This an excellent opportunity for a boutique or branded accommodation operator to gain position or expand in the Perth market with prime position on the CBD fringe, close to Perth Arena, key tourist attractions and large-scale corporate headquarters," Millar said. "Alternatively, the buyer may opt to purchase a new 30-year lease, which secures long-term operation and branding rights, and allows a passive investor to take up the freehold with a secure 30-year lease in place earning annual rent of $872,000 by year three." 

Aire Serviced Apartments is offered with exclusive use of an 80sq m ground floor lobby, a management office and associated amenities, two dedicated lifts, a fourth floor conference room with dedicated kitchen and bathroom amenities, and 65 undercover parking bays. Resort-style facilities (shared with residents), also on level four, include a 22-metre heated lap pool, 1,000sq m pool deck, fully equipped gymnasium, sauna, barbecue and outdoor dining facilities. All 64 units will be strata titled, allowing for potential on individual on-sale.

Expressions of interest in the off-the-plan purchase of Aire Serviced Apartments, West Perth, will close on Monday, November 7.