Hotel Property Investments Limited (ASX Code: HPI)
Acquisition of the Ball Court Hotel, Sunbury, Victoria for $7.6m
Hotel Property Investments Limited is pleased to confirm that agreement has been reached to
acquire the Ball Court Hotel, Sunbury for a total purchase price of $7.6m, representing an initial
yield of 5.4%. Settlement will occur in October 2021.
The property comprises the Ball Court Hotel, four retail tenancies and an adjoining residential
property that will provide future expansion potential for the Hotel. Australian Venue Company
(AVC) are the tenant of the Hotel with a new 15 year lease.
In addition, HPI has also agreed to fund $0.3m of capital upgrade works to the Hotel that will be
rentalised at 5.4%. These works are expected to commence immediately following settlement.
This ASX announcement was authorised by the Chair of the Hotel Property Investments Limited
courtesy of Bell Direct
i hold HPI