PERTH, 14 June 2021 – 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 has been acquired by developers Eurowide in a strategic move to add to their existing portfolio.
JLL’s 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 pre-empting 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.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Contact: Chloe Mason
Phone: +61 466 610 729
Email: [email protected]
