Project value: $43.5 million
The Pakenham Street Hotel Fund has developed a site in the heart of Fremantle’s historic West End, just 200m from the thriving cappuccino strip and opposite the Fremantle train station.
The project involved the adaptive re-use of an existing heritage building into a 122 key, serviced apartment hotel, leased to Quest for a term of 15 years.
The Fund’s investment thesis was based on a scarcity of hotel rooms for the business and tourism market within the Fremantle CBD.
Construction was completed in December 2016 with Quest commencing operations shortly thereafter.