ALE Property Group has bought the Balmoral Hotel in Victoria Park, Western Australia for $6 million on a yield of 6.3%.
The property is currently lease to Australian Leisure and Hospitality Group, which expires in February 2018. ALH has two options to extend for five years.
All lease obligations are guaranteed by Foster’s Group.
ALE’s managing director Andrew Wilkinson said the ALE portfolio now has 103 properties totalling $797.2 million.
Australian Property Journal
