Quintessential sells option to develop Perth's St Georges Terrace property
Boutique property fund manager Quintessential Equity has sold its option to develop the site at 36 St Georges Terrace, Perth to GP Hotel Perth WA Pty Ltd for $23.75 million.
Quintessential bought the property last November for $17 million, with plans to build a luxury residential apartment building of 280 units over 35 levels, overlooking Perth’s Swan River, as part of a series of new developments in the area, including Cathedral Square and Elizabeth Quay.
The fund manager said it could not comfortably de-risk the opportunity for its investors and decided to sell the option. It said it had the support of the vendor, the Uniting Church.
“While it’s of course disappointing that our vision for the St Georges Terrace site will not come to life, it’s more important that we act in the best interests of our investors and we simply couldn’t de-risk the development to a level that we felt comfortable with,” Quintessential Equity director Shane Quinn said.
The property is expected to be developed into a hotel.
The news comes as Quintessential Equity announced former MIRVAC director of development Guy French-Wright as its development director, from early 2016.
“We are well progressed with a number of development projects, including our proposed $100 million plus commercial office development at Geelong’s iconic 1 Malop Street which has been well received by the tenants in the market for premium office accommodation in Geelong,” he added.
