Sale or lease campaign launched for unique Perth hotel
One of Perth’s most recognisable hotels is coming to market, with Cygnet West appointed to sell or lease the Scandinavian-themed European Hotel on Murray Street. Known as Miss Maud’s Swedish Hotel and Restaurant from 1973 until it was sold to its current owner in 2018, the property is expected to attract strong interest from both offshore and domestic buyers.
The marketing campaign will be coordinated by Cygnet West’s Wayne Lawrence and Henry Vu.
“Over the past few months, we have noticed an increase in parties looking to buy or lease hotels in Perth and most of this enquiry has come from the east coast,” Mr Lawrence said. “Traditionally, Singaporeans have been the main contenders for these assets and with WA borders having recently been open, this offering may be the impetus for an influx of enquiry from those entities.”
The boutique 52-room, four-star hotel is one of Perth’s most historic, having been purpose built in 1911 and opened as the Derward Hotel, until it was rebranded as Miss Maud’s in the 1970s.
Mr Lawrence said the unique offering was likely to be well-received in the market. “Every so often we get the privilege to market a much renowned building that has the ability to appeal to a buyer’s sense of nostalgia,” Mr Lawrence said. “For us that was London Court last year, and this year it’s the European Hotel.”
Located on a prominent 1,162 square metre site on the corner of Pier and Murray streets, the hotel also includes a 77sqm cafe, a 443sqm restaurant and a 100sqm catering kitchen.
“As the property is currently owner operated and has been well maintained, it presents an outstanding opportunity for an incoming operator to walk in and trade immediately,” Mr Wu said. “The seller is flexible and is willing to look at all options from an outright acquisition to leasing the whole or the separate components of the building.”
Mr Wu said the hotel, which is not heritage-listed, also had strong redevelopment potential, with a permitted plot ratio of 5:1, with bonuses available depending on the future use.
Expressions of interest to buy or lease the hotel will close on Thursday May 19.