The Pakenham Street Hotel Fund is developing a 1800m2 site in the heart of Fremantle’s historic West End, just 200m from the thriving cappuccino strip and a short walk from the Fremantle train station.
The project involves the adaptive re-use of an existing heritage building as a 122 unit, serviced apartment hotel, leased to Quest for a term of 15 years.
Sirona Capital launched an equity syndication to develop and hold the hotel long-term, with a potential exit strategy to sell the project to a developer or investor prior to completion.
The Fund’s investment thesis is based on a scarcity of hotel rooms for the business and tourism market within the Fremantle CBD.
Doric have been appointed to build the project. Construction preliminaries commenced in February 2015.
Doric – Quest Apartments
