The 1,745sqm corner property is being offered for sale on behalf of The International Pty Ltd, headed by Mark Jones and Scott Armstrong.
Located just 2km from the Brisbane CBD, the site offers frontages to both Boundary and Torrington Streets.
“The opportunity will appeal to a broad buyer pool given the property’s development potential and the diversity of the existing hotel offering” Mr Faser said.
CBRE’s Tom O’Driscoll said the recent activation of the long-awaited Spring Hill Neighbourhood Plan would be a major draw card for developers given the property’s significant street frontage.
“The property offers 34m of frontage to Boundary Street and 50m to Torrington Street, which will enable a buyer to capitalise on the site’s recent change of use/development guidelines, allowing for a building height of at least 10 storeys and a very flexible end use,” Mr O’Driscoll said.
“Brisbane’s strong population growth, coupled with declining apartment supply and approvals, presents a perfect opportunity for developers to acquire what is a prime site with significant upside for an apartment project. Alternatively, the site could be suited to medical, aged-care, retail, hospitality, short-term accommodation or commercial development.”
Mr Fraser noted that buyer interest was also expected to centre on the existing hotel operations.
“The current hotel operation has strong inherent underlying value with 14 gaming authorities worth circa $2.4 million plus in the market today. It also features several bars, a microbrewery, bistro, boardroom/conference facility, an on-site Cellarbrations liquor store and two detached liquor retail stores.
Expressions of Interest close November 22, 2018 at 2pm (AEST).
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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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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.