End of an era looms as Perth's iconic Miss Maud Hotel listed for sale
Perth’s famous Miss Maud Hotel has been listed for sale, with price expectations of more than $10 million.
While the company has stated the hotel will not close, redevelopment of the site at the corner of Murray and Pier streets, Perth, is one of the options expected to lure potential buyers, as well as the potential to rebrand and continue the hospitality operation or refurbish the building.
The sale of the Swedish-style hotel, which has welcomed guests and diners to its famous smorgasbord since 1973, will allow the Miss Maud company to focus on its expanding coffee house and bakehouse core retail business. The 17th Miss Maud Coffee House opened at the newly renovated Mandurah Forum in July.
Miss Maud managing director Maud Edmiston, who opened her first pastry house in City Arcade in 1971, said the decision to sell the 52-room hotel, which she considered “a significant part of Perth’s heritage”, was carefully considered.
“Every decision that affects Miss Maud customers is huge and always carefully considered by us,” Miss Maud said.
“We love every element of our business and since we opened our first coffee house in 1971, we are always looking ahead and thinking about what our customers want, about what will please them and about how to expand the growth of our coffee houses further.
“It is the right time for us to show it for sale to support the growth and expansion of the coffee houses.”
However, Miss Maud emphasised it was business as usual at the hotel, with bookings and events continuing as planned.
“The Miss Maud Hotel and Restaurant is definitely not closing and while the hotel and restaurant are being offered for sale bookings for both accommodation and dining are as busy as ever with our group continuing to trade at full speed and plan events including our October Halloween activities,” she said.
“Real estate is a long process. Any future changes would naturally be up to a new purchaser with all opportunities explored including the possibility of some leaseback options.”
Comprising a 200-seat restaurant, a takeway shop and al fresco area, conference room, commercial kitchen and a rooftop garden, the 2740-square-metre hotel at 97 Murray Street is in the area earmarked for reinvigoration as part of the Historic Heart of Perth project, a not-for-profit initiative of property developer Adrian Fini with money contributed by local business and the state government.
Savills‘ manager metropolitan and regional sales, Barney Dear, said the sale was a rare opportunity at a time when international visitor numbers were rising and billions of dollars were being invested in WA infrastructure projects, boosting the state’s tourism credentials.
He anticipated interest in the 1162-square-metre site from buyers looking to enter or consolidate their Perth hotel interests or for the opportunity to develop, and expected the sale price would exceed $10 million.
“With a potential 7.5:1 plot ratio and nearly 70 metres’ frontage to Murray and Pier streets, the site offers the flexibility of rebranding and continuing current operations, refurbishment of the current improvements or complete redevelopment of the site,” Mr Dear said.
“When you consider the state Budget’s recent additional $47 million contribution to tourism, the recent development of key Perth infrastructure projects such as Elizabeth Quay, Burswood Stadium and Kings Square among other works, and record international visitor numbers, Miss Maud’s offering could scarcely have come at a better time.
“There’s a lot of history there so it is a big decision for the business.”
Miss Maud founder Maud Edmiston. Photo: Miss Maud
The property is close to the Perth railway station and the Murray Street and Hay Street malls. Key projects under way in the precinct include the State Buildings redevelopment and construction of the new Westin and QT hotels.
Mr Dear is marketing the property with colleague Chas Moore, Savills’ director sales and investments.
Mr Moore said historically low interest rates and a lack of investment opportunity in alternative asset classes meant hotel property was outperforming against a backdrop of compressing yields.
“With international and domestic visitors growing 11.5 per cent and 5 per cent respectively in calendar year 2016, the hotel industry has not seen growth at this level since the Sydney 2000 Olympics,” Mr Moore said.
“Those figures are exceptional and a great sign for the future of the sector and are driving serious demand for hotel stock across the country.”
The Miss Maud brand has become well known in recent years for the famously accurate election results predicted by its coffee bean polls.
Hundreds of thousands of customers have cast votes by dropping coffee beans in tubes since 1996, with the polls becoming known as Perth’s favourite political barometer.
Miss Maud said she was excited about the future of Perth and the direction of the Miss Maud business.
”It’s a wonderful part of Perth’s heritage with many loyal visitors from around Australia and the world,” she said.
Expressions of interest for the hotel site at 97 Murray Street, Perth, close at 2pm on September 7.
