In a significant property transaction that highlights confidence in Western Australia's South West region, a 140-year-old homestead with deep historical roots has changed hands for $7.6 million.
Historic Property Secured By Local Investors
Wholesale Property Funds has purchased the heritage-listed Grittleton Lodge and adjoining Clifton Motel in Bunbury from local owners John and Casey Drinkwater. The deal, conducted through their company Seven Hundred Pty Ltd, valued the property at $5.5 million and the business operations at $2.1 million.
The Victorian Georgian-style homestead was originally constructed in 1885 as a family home for Esther and Robert Forrest, brother of WA's first premier Sir John Forrest. The Heritage Council recognises the property as having considerable heritage significance.
Strategic Investment in Growing Region
WPF director Kent Cliffe expressed strong confidence in the acquisition, citing Bunbury's promising economic outlook and tightening accommodation market. "More broadly, we see a very bright future for Bunbury," Mr Cliffe stated.
He highlighted several factors driving the region's growth, including more affordable housing options attracting families from Perth, proximity to Busselton Airport making it attractive for FIFO workers, and improved transport links strengthening connections to Dunsborough and the Margaret River region.
The critical minerals deal with the United States and the upcoming $200 million Gallium project at the Wagerup refinery were specifically mentioned as positive economic drivers for the area.
Property Details and Market Context
Grittleton Lodge was converted into a public motel during the 1950s, with most of its 50 rooms constructed in the 1960s and 1980s. The property also features a swimming pool, commercial tenancies, and a 34-bay carpark.
Mr Cliffe noted that limited new accommodation supply in Bunbury, due to elevated construction costs, combined with increasing demand from both WA and interstate travellers, creates favourable conditions for the investment.
The purchase represents a strategic bet on the South West's continuing economic expansion, with potential to enhance the asset's value through refurbishments and capital improvements.
