$3.1m for St George Hotel, Innaloo

COLLIERS International sold the St George Hotel, Innaloo, in an off-market transaction last week for $3.1 million.

Sold by the family that has held the hotel for more than 15 years as both occupiers and lessors, the hotel is located on a 7,585 square metre site.

Colliers International commercial and industrial sales executive Anthony Vulinovich said the hotel was a significant commercial site in a suburban location that required revitalisation and redevelopment.

“The purchasers seek to take advantage of the site’s location and hotel licence with a long-term agenda to refurbish the property and a medium-term agenda to fully redevelop the property so as to cater for the growing demand of consumers for entertainment venues close to their home,” he said.

“In particular, Innaloo represents a location of outstanding density growth and demographics for such a venue.”