18 Aug 2023
Words
Aden Stokes The Courier Mail
Gladstone Downtown Central for sale through ResortBrokers
The freehold of a Gladstone hotel with just under 40 serviced apartments and conference room is for sale, with interested investors inquiring from Sunshine Coast to Melbourne.
The passive freehold of Gladstone Downtown Central is for sale through ResortBrokers via expressions of interest.
Central Queensland agent Nathan Benjamin said there had been strong inquiry on the commercial property.
“The phone hasn’t stopped ringing,” he said.
“I’ve had some interest from the Sunshine Coast all the way down to Melbourne.”
Gladstone Downtown Central offers 36 rooms, ranging from studios to three-bedroom apartments, a reception and conference room, which accommodates up to 40 delegates.
The hotel caters for overnight, weekly and monthly stays, as well as longer-term corporate stays.
Situated on Bramston St, Gladstone Downtown Central is in the heart of the port city, beside the Dawson Highway and Hanson Rd, and only three minutes’ walk from Goondoon St, Gladstone’s main commercial and dining district.
The property is currently tenanted by Central Apartment Group, which recently renewed its five-year lease in July with three further five-year options to renew.
The property offers a yearly rent of $729,349 and the incoming owner would also enjoy a top-up based on 42.5 per cent of the gross accommodation revenue.
The property is also strata titled, which allows the incoming owner to sell down individual units to benefit from local housing demand.
Mr Benjamin said passive investments of motels rarely come to the market.
“When they do they’re quite hot property for investors that want to be in this asset class,” he said.
He also said “Gladstone is a city on the move”.
“The new owner of Gladstone Downtown Central stands to benefit from the city’s continued prosperity,” he said.
“Not only is Gladstone the gateway to the South Great Barrier Reef, but the local council is working to a comprehensive 10-year economic road map to drive the city forward, particularly as a renewable energy hub.
“The huge investment from both the public and private sector is a massive sign of confidence in Gladstone’s economic future.
“These tourist and business drivers put the new owner of Gladstone Downtown Central in an enviable position.”
View listing here.
