Live music hub Indian Ocean Hotel in Perth up for sale
One of Perth’s popular live music venues, the Indian Ocean Hotel, is up for sale presenting an opportunity to acquire more than 4,000 sqm of beachside real estate.
The sale will be through an offers to purchase campaign through CBRE Hotels’ Ryan McGinnity and David Kennedy under instruction from the receivers and managers appointed, HLB Mann Judd (Insolvency WA). The campaign closes in mid-May.
This is the first time the family-owned asset has been offered to the market in more than 30 years.
The five-level, 59-room hotel includes Indi Bar and Bistro, which has hosted some of Perth’s best live music over the past two decades, including The Waifs, John Butler and Dave Hole.
Located within the Metropolitan Redevelopment Authorities’ $57.4 million Scarborough Redevelopment Area, the Indian Ocean Hotel offers potential for future development, with a residential 160 zoning and additional special use as hotel.
McGinnity said the property was expected to attract strong buyer interest.
“The property is not only one of the most loved hotels and live music venues in the northern beachside suburbs, but it is also strategically situated on 4,200 sqm landholding in the soon to be revitalised Scarborough Redevelopment Area,” McGinnity said.
“The multiple options which the site offers suggests the asset will be keenly sought after by onshore and offshore groups looking at hotel investment, or future residential or mixed use redevelopment.”
The current zoning allows for an eight-storey development, with potential for 12 storeys, said a media release.
The Indian Ocean Hotel still enjoys strong occupancy and good levels of profit, he added
“Given the size of the property, the history of the venue and the recent changes to development height limits, the Indian Ocean Hotel site offers fantastic further development potential while retaining the existing hotel building,” Kennedy said, adding given the hotel is now 45 years old, it may soon be time to redevelop the site entirely.