THE Terrace Hotel is to be ‘downsized’ after approval of a $2.3 million redevelopment plan was granted by council.
About half of the Terrace’s hotel rooms will be converted into fifty-seven multiple dwelling units on the top three storeys of the existing eight storey building.
The approval gives owners Burtway Limited, chaired by Tony Manford, the right to exceed the maximum of thirty-seven dwellings allowed under the R160 standard of the residential planning codes.
Lending a hand when Business News visited the hotel was Perth councillor Laurence Goodman, a shareholder and part-time consultant to the company.
Mr Goodman said interest had been strong since selling off the plan started several weeks ago through joint selling agents Real Mark and White & Associates.
The development is being sold in two stages with the top two floors being offered first.
At least fifteen of the units have been sold to date.
Mr Goodman said the strata title units offered a unique opportunity for either investors or people wishing to live in the city.
Mr Goodman said he was very excited about the potential for capital growth for investors.
“I’m very bullish about the future. I think the market is only just starting in the inner city,” Mr Goodman said.
On hand to see the development through as project manager is hotel manager Neil Coulthard who was project manager for some of Alan Bond’s hotel developments including Observation City and the Lord Forrest Hotel in Bunbury.
