WA’s strong performing resources sector will provide an attractive economic backdrop for the upcoming sales campaign for the Midas Motel in Kalgoorlie.
The 48-room motel, which is located in the heart of Kalgoorlie’s town centre at 409 Hannah Street, will be listed by CBRE Hotels.
Prominently situated on a 5,063sqm , the hotel comprises a variety of configurations, ranging from 30sqm executive suites to 48sqm family rooms.
Strengthening gold prices, recent project announcements from major ASX 200 listed companies and reduced travel restrictions as a result of coronavirus have all helped create an uptick in Western Australia and Kalgoorlie’s economic conditions.
“Kalgoorlie is currently experiencing strong economic conditions not seen in recent years thanks largely to the surging gold price but also due to the recent announcement of substantial investment in other resources, including rare earths,” said CBRE’s Ryan McGinnity.
“While gold has been the staple of Kalgoorlie for over 130 years, new endeavours into rare earths used for component parts of electric cars, computers and future technology, will diversify the region. Highlighting this, Lynas Rare Earths has recently proposed a rare earth processing facility to be located west of Kalgoorlie, creating a critical minerals hub in the town.”
Inside a room at the motel
Mr McGinnity added the sale comes as government infrastructure projects worldwide create considerable demand for WA’s natural resources.
“Catering to WA’s growing FIFO community, mining towns such as Kalgoorlie will continue to benefit from WA’s economic rebound post COVID-19,” he said.
“During 2020, WA’s border restrictions meant corporate travel for non-essential work was extremely limited. The recently relaxed restrictions, with all states but Victoria, have seen travellers return to the skies and hotel rooms, making up for a year on the sideline.”
Gold has recently been at all-time highs, touching over $A2600 an ounce in late 2020 and Lithium up close to 15 per cent in February 2021.
Expressions of Interest for the Midas Motel close April 20.
