The Grand Hotel in Bundaberg CBD has gone up for sale after undergoing a $1 million renovation last year that refreshed the large main bar, restaurant, function facilities and beer garden.
Upstairs, the hotel features 27 rooms for accommodation, which until recently were being used as a 90-bed backpacker business.
On the ground level of both street frontages, there are several retail tenancies available for lease, with one current lease still in place, providing added revenue streams to the overall business for the long-term.
Paul Fraser, National Pubs Director – CBRE Hotels, has been appointed exclusively to manage the Expressions of Interest campaign for the beautifully presented brick hotel on Bourbong and Targo Street.
CBRE Hotels’ Fraser noted: “This asset provides a myriad of options to an incoming buyer, including the opportunity to either operate the pub and backpackers as a going concern and/or to have leases put in place given the multiple unsolicited offers we have received from prospective tenants looking at establishing a foothold in the central Queensland market.”
“With 543sqm of high exposure retail tenancies located in Bundaberg’s main streets, there is huge potential to have leases across the entire building established with minimal initial Capex requirements.
“We believe that this asset will rightfully appeal to both traditional hospitality operators, developers and parties looking at securing a long-term property play. The opportunity for an astute purchaser looking to maximise their self-managed super fund over the medium to long-term with a passive property investment play is undeniable.”
The Grand Hotel in Bundaberg has a long high-profile history in the region. Its size, prime location and attributes position it as an attractive opportunity for a strategic buyer looking at making a significant footprint in Central Queensland.
The hotel is being sold as a mortgagee in possession sale with the ability to acquire it as a passive, long-term investment or as a going concern.
The Grand Hotel Bundaberg is being offered for sale by way of an Expressions of Interest campaign, closing May 13, 2021, unless sold prior.