OfficeThomas ConwayThu 21 Jun 18

Family Feud Prompts $350m Perth Office Tower Listings

The heirs to construction magnate Len Buckeridge have announced plans to start selling off the BGC empire, in a move to capitalise on Perth's recovering office market.

The decision follows the death of Buckeridge Group of Companies founder Len Buckeridge in 2014, which resulted in legal disputes over his estate. The sale is an attempt to settle the family dispute over the estate.

BGC has appointed JLL to market the assets.

JLL managing director of hotels and hospitality Mark Durran said that the positive outlook and market sentiment has seen increased hotel transaction activity in the city over the past 12 months.

“The Perth hotel investment market is poised for recovery," Durran said.

"STR Global reports that demand across Perth hotels grew by 10.7 per cent in 2017 on the back of business travel growth, a key indicator of the strong underlying trading fundamentals in the market."

Westin

The first of the initial BGC listings by the board is the 368-key Westin Perth. One of Australia's newest 5-star hotels the site comes with a development application for a 36,545sq m commercial office tower.

The Westin is home to Perth’s largest hotel ballroom and contains over 2300sq m of conference and function space.

Aloft

The Aloft Perth is being offered for sale with the adjoining office building 25 Rowe. Both are located in close proximity to the Optus Stadium and Burswood.

The 224-room Aloft offers 593sq m of conference space, a 300sq m ballroom and rooftop deck with a 270 degree view of the Perth CBD.

The adjoining nine-storey building comprises 10,409sq m of NLA and is home to tenants Honeywell and Bunnings.

JLL is offering the assets in one line or individually through an expression of interest campaign.

Hotel Perth Marketing Sector

AUTHOR

Thomas Conway