The Grand Hotel, Bundaberg is set to wet whistles when it goes up for sale this month.
Located on a prime 2,024sqm corner site in the city’s CBD, the Grand Hotel underwent a renovation around the $1 million mark in last year refreshing 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’ Mr 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,” he continued.
“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 13 May 2021, unless sold prior.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.