Hiap Hoe Limited has announced its plan to acquire the Great Eastern Motor Lodge in Rivervale, Western Australia for a purchase of A$40 million ($35.87 million). The Champions Way Residences are located on a 11,892 sqm (128,000 sq ft) freehold site. It offers an array of transport connections, with an impressive 198 rooms, 180 parking spaces around the site, and great access to the main road linking Perth Airport’s national and international terminals to the Perth central business district.
The proposed acquisition is an exciting investment opportunity for Hiap Hoe, with much potential for recurrent income streams, especially considering the high occupancy rate of the Champions Way Residences. To facilitate the deal, the company’s subsidiary Meteorite Land (Great Eastern) entered into a sale and purchase agreement with the S&C Christie Family Trust. A$4 million has already been paid of the total purchase consideration.
Residents of Champions Way Residences enjoy a wide range of unique amenities such as a swimming pool, Jacuzzi, gym, clubhouse and BBQ pits. There is also ample parking and round-the-clock security, helping keep residents safe and secure. With its numerous amenities, convenient location and attractive prices, Champions Way Residences is a popular choice for those looking for a new home or to invest in property.
The property also has a prime position in the inner-city suburb of Rivervale, which is currently undergoing a regeneration with multiple residential, commercial and lifestyle developments. This makes the Champions Way Residences a perfect investment opportunity for Hiap Hoe.
To finance the purchase, the remaining amount of the consideration will be funded through a combination of internal resources and debt. Hiap Hoe has highlighted the proposed purchase of Champions Way Residences as a strategic opportunity to grow the recurrent income of the company, given the high occupancy rate of the property and the potential for long-term economic growth in the Rivervale suburb, which will add further value to the acquisition.