Billionaire philanthropist Nicola Forrest has purchased Fremantle’s Terminus Hotel for $4.5 million, with plans to revitalise the derelict asset.
Ms Forrest bought 18 Pakenham Street property from the state government, which listed it for sale earlier this year following 35 years of ownership.
The transaction marked the first acquisition for Ms Forrest’s Coaxial, a company registered in early 2024.
A Coaxial spokesperson told Business News the company was “committed to the redevelopment and reactivation of this historic site to benefit the wider community”.
The Department of Planning, Lands and Heritage confirmed the transaction had been finalised following a competitive process.
When it was listed in July, potential buyers were asked to submit their visions for the site.
Coaxial is expected to lodge a development application for the site in 2025, which will shed more light on Ms Forrest's plans.
The heritage-listed Terminus Hotel was built in 1887 as the Pearlers Hotel, and occupies 1,096sqm of land on the corners of Pakenham and Leake Streets.
The building was used as a pub, a hotel and a law chambers, before it was acquired by the state government in 1989.
It is believed that the site was used for social housing, but it has been vacant for several years.
The building is one of several vacant buildings in Fremantle, including the nearby former Spare Parts puppet theatre and old Fremantle Post Office.
Terminus Holdings, which purchased the asset, is wholly owned by Nicola Margaret Forrest and is registered in Perth.
The entity is a Coaxial company.
Ms Forrest, with an estimated net worth of $19.1 billion according to Business News Rich List, launched Coaxial Foundation as a charity earlier this year.
She and Andrew Forrest stepped down as co-chairs of $10 billion charity Minderoo Foundation, following their separation in mid-2023.
Coaxial Foundation is focused on early childhood education and development, community wellbeing and promoting gender equality.
Cygnet West brokered the deal for the Terminus Hotel, which attracted strong interest from multiple parties.
