Australia: The Airport Apartments by Aurum in Perth has been sold off-market to Eurowide by JLL.
This transaction marks the first metropolitan accommodation transaction in Perth since late 2019. JLL senior executive of hotels & hospitality group WA, Chloe Mason, exclusively negotiated the sale.
The Airport Apartments by Aurum, which sits on a 7,206 square metre site, was opened in 2013 by Michael Kar, who continued to operate it until the sale.
The aparthotel contains 52 units, which each have two bedrooms and two bathrooms. Each unit contains a kitchen, laundry, and a storeroom. The facility also has 68 car bays.
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 travellers, benefiting from a strong fly-in-fly-out demand, it rebounded strongly and performance has remained steady ever since.”
The facility is located one-and-a-half kilometres from the Perth Airport and ten kilometres east of Perth CBD.
The sale to Eurowide developers also included a rear residential house. This residential house was attractive to Eurowide, as it already owns and operates the Ramada Vetroblu, Scarborough Beach, which will be able to be expanded with this new purchase.
Mason said: “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.”
