Local vendors have listed the Quest Yelverton Kalgoorlie Hotel for sale with a price expectation of circa $7 million, on the back of record gold prices.
Located at 210 Egan Street, the strata-style is currently under a long-term lease, expiring 2046, with options to extend.
The hotel sits on a 4,500 sqm site in the centre of Kalgoorlie’s main business district and comprises 50 units made up of multiple one and two bedrooms and six family apartments. The freehold offering includes 45 of the 50 units and the reception building.
CBRE’s Ryan McGinnity and Aaron Desange are managing the sale via an Offers to Purchase campaign closing April 9th, 2024.
“Having operated as a Quest Hotel for many years, the hotel is well unlisted by tourists and corporates travelling to the area,” Mr McGinnity said.
“The WA resources sector contributed $231 billion in 2021 / 2022, driving the national economy and an increase in workers in Kalgoorlie transient workforce accommodation has been witnessed as well as substantial growth in passenger movements through Kalgoorlie airport.”
Mr Desagne added, “The Kalgoorlie Gold Fields are continuing to grow and attract more parties to the region, with groups such as Northern Star Resources and Evolution Mining investing close to $2B into expanding their presence in the area. Additionally, the area is expanding from gold highlighted by Lynas Rare Earths recently completing a $730m processing facility and increasing capacity to 10,500 tonnes of rare earths per annum.”
