THE iconic Cottesloe Beach Hotel on Marine Parade has more than doubled in value in just three years, following the sale of the property by Multiplex Developments Australia last week to a Perth-based private syndicate for a reported $41 million. Multiplex acquired ‘the Cott’ in 2004 for $17 million before encountering strong opposition from the Town of Cottesloe over plans to redevelop the site into a five-storey apartment complex. The town has recently been instructed by the Western Australian Planning Commission to amend its height limit in the Marine Parade vicinity from three storeys to five storeys. Multiplex Apartments managing director Chris Palandri said it would re-invest the money in new opportunities, particularly prime development sites. “The sale of the Cottesloe Beach Hotel has enabled Multiplex to crystalise a significant profit in a much quicker timeframe then what would have been achieved had our plans for redevelopment eventuated,” Mr Palandri said in a statement.
© Business News 2018. You may share content using the tools provided but do not copy and redistribute.