Hotel company to purchase central business district plot in Perth

Perth may get a new-build hotel soon: The Edge Property is reporting that Global Premium Hotels Limited subsidiary GP Hotel Perth WA has been nominated to exercise the option to purchase the properties located at St Georges Terrace and Pier Street in Perth, Australia, which had originally been granted by the vendors to a third party.

Approval to develop the property into a hotel or various other uses has already been obtained by the third party. GP Hotel Perth has been nominated to purchase the property including the development approval for A$23.85 million. The exercise of option and settlement under the sale contract is pending, and subject to various terms and conditions including the necessary approval for the purchase from the Australian Foreign Investment Board.

The property sits on a freehold land area of close to 28,000 square feet and is located in the Perth CBD facing the St Georges Terrace and overlooking the Supreme Court Gardens, with views towards Swan River. It is also close to the Murray and Hay Street Mall, and is currently zoned “City Centre.” It can potentially be redeveloped for various uses including a hotel.