Former Western Bulldogs’ star Jose Romero making $15m Essendon punt with hotel sale
Former Bulldogs’ player turned property developer Jose Romero is selling an Essendon apartment hotel.
Former AFL player turned property developer Jose Romero is selling an Essendon apartment hotel with a price tag in the vicinity of $15m.
After his Kangaroos debut at age 17, Chilean-born Romero notched up more than 200 games with North Melbourne and the Western Bulldogs in the VFL and AFL.
Injuries forced the 1996 Charles Sutton Medallist to retire in 2001 and he went on to join the Bulldogs’ coaching staff and board, before swapping to construction and property development.
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Romero’s development firm EVR Group is selling the five-storey, 40-suite apartment hotel at 261 Keilor Rd.
Jones Real Estate managing director Paul Jones declined to comment on the vendor but title documents show its owned by the EVR Group.
The building at 621 Keilor Rd, Essendon.
The whole block is for sale.
Inside the building’s entrance.
Mr Jones said the Commercial 1-zoned building was being offered for sale with a 10-year lease to Punthill Apartment Hotels, which operates 21 venues nationally and is part of the Veriu Group.
Romero was director of property management firm Romero Group when it partnered with Punthill to develop the Essendon site.
Mr Jones said the “brand-new” building attracted plenty of guests from the nearby Essendon and Tullamarine airports, plus people needing somewhere to live while seeking a rental property.
Brad Johnson next celebrates with Jose Romero.
Tony Liberatore, Jose Romero, Paul Dimattina pictured at their restaurant in 1999.
“The reason why we think it’s a good asset is that it was built for Punthill, who are a very reputable national organisation, who guarantee the lease,” Mr Jones said.
“It’s the second site they have in Essendon, they were doing to so well in Essendon they needed an additional site.
The rooms at the Punthill building.
The hotel has 40 apartments.
The building also has a gym.
“We expect interest from local, national and international groups.”
The apartment hotel currently returns $715,000 per annum, plus GST and outgoings.
The lease has three options to extend for two five-year terms and a 10-year term.
The site is for sale via expressions of interest closing at 12pm on August 16.
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