- Investment demand remains strong in Queensland
- Bundaberg hotel sold by mortgagees in possession
- Brisbane hotel sold to a Sydney-based investment syndicate
Queensland continues to attract significant investor interest across the board, today two properties were announced sold, one in Brisbane and another, further north, in Bundaberg.
One of the reasons behind the buoyed interest now includes the relaxed restrictions across the board, with some completely gone, and the other being early birds catching the Olympic worm.
The Bundaberg property went for some $4 million, with sources saying the Spring Hill property went for approximately $5 million.
The freehold going concern interest in the Grand Hotel Bundaberg has sold for circa $4 million amid continued demand for regional Queensland pub investment opportunities, the hotel pub was put on the market by mortgagee in possession, High Country Pastoral.
Sitting on almost half an acre, the freehold land parcel is located in the Bundaberg CBD, and recently underwent $1 million of refurbishment.
The asset most recently accommodated 90 backpacker beds across 27 rooms under the previous owner.
It’s prime time for investing in such assets, said CBRE Hotels’ National Pub Director Paul Fraser:
“This sale evidences the current strength of Queensland’s regional pub market. With lockdowns, travel restrictions and capacity limits now in the past, we expect the market to strengthen even further in 2022.”
The Best Western Gregory Terrace is situated in the inner-Brisbane suburb of Spring Hill.
Located on a 1,907 square metre free hold land parcel, the former 3.5 star hotel contains 38 guest rooms a restaurant and bar, swimming pool, and 30 underground car parking locations.
CBRE announced this morning that a Sydney-based investment syndicate has purchased the property from GT Property Group, with the sale managed by CBRE Hotel’s Hayley Manvell.
Ms Manvell said the sale “… highlights the continued investor demand for Queensland hotel assets from the southern states. It also demonstrates the opportunity to transform older accommodation product for higher and better uses.”
The Olympics is a likely driver for increased investment demand, Ms Manvell note major projects across Brisbane “… are all set to become significant demand drivers for Brisbane’s accommodation market and will transform the city.”