Historic Perth Hostel for sale in Northbridge
The historic Perth Hostel building at 194 William Street is coming to market, with leading independent commercial agency Cygnet West appointed as exclusive selling agents.
Located in the heart of Perth’s premier nightlife and entertainment district in the heritage-listed William Street Precinct, the three-storey building was constructed in 1903.
Originally built in Federation-style architecture, the Perth Hostel was redeveloped to incorporate an Art Deco facade some years later.
Three retail tenancies front William Street, with a vacant multi-room accommodation facility in the upper floors.
The building has a total Net Lettable Area of approximately 1,237sqm, across hospitality offerings Govinda’s Restaurant and Bivouac Canteen & Bar, a hairdresser, and the vacant accommodation tenancy.
Cygnet West’s Tim Scott and Ahmad Ibrahimi are coordinating an Offers to Purchase campaign for the State Government-owned building.
Mr Scott said he anticipated strong interest in the Perth Hostel, due to its proximity to the Perth Cultural Centre, Yagan Square, major transport links and the proposed $853 million ECU City Campus.
“The Perth Hostel is perfectly located to take advantage of the major investments being made by the State Government in Northbridge,” Mr Scott said.
“Planning is well under way for a $35 million revitalisation of the Perth Cultural Centre, while Yagan Square is also set for a $5.4 million revamp.
“We’re expecting strong interest from local and interstate investors in a truly unique retail asset.”
Mr Ibrahimi said the Perth Hostel would suit an investor seeking an income-producing asset.
“With three retail tenancies, the Perth Hostel building represents a secure opportunity to purchase a strong-performing asset,” Mr Ibrahimi said.
“The vacant accommodation facility in the building’s upper floors also presents a strong value-add opportunity, so we are expecting the Perth Hostel to be attractive to a wide range of prospective buyers.”
The Offers to Purchase campaign will close December 14.