The former Spring Hill Hotel in Brisbane’s inner city has hit the market for the first time in 34 years.
The two-level masonry building at 100 Leichhardt Street in Spring Hill, next to the CBD, has been owned by the same family since 1987.
The property, which sits on a 1,578sq m site in a highly-exposed position on the corner of Leichhardt Street and Little Edwards Street, was built in circa 1875.
It will now be taken to the market via an Expressions of Interest campaign run by Christian Sandstrom and Blake Goddard of Knight Frank in conjunction with Andrew Gard and Michael Gard of Cushman and Wakefield.
Price expectations for the asset, which offers refurbishment or development potential, are expected to be in the vicinity of $7.5 million to $10 million.
Mr Sandstrom said the current use of the property, which operated as a hotel until approximately 2017, was for food and beverage, but the asset is being sold as vacant possession and offered all kinds of potential moving forward.
“The buyer will have the opportunity to refurbish the existing hotel, for which a licence is still current, and reinstate one of Spring Hill’s most iconic venues, or redevelop the property for a mixed-use development, which fits in with the current zoning,” he said.
“Redevelopment options include short-term accommodation, residential, student accommodation, build to rent or office space.
“The current Spring Hill Neighbourhood Plan allows for development of up to 10 storeys.
“Part of the building is heritage-listed, adding to its character, and it is prime for re-adaptation for multiple uses, including a restaurant, microbrewery or an event space.”
Michael Gard said large sites like the Leichhardt Street property were rarely offered to the market, and it was expected there would be significant buyer demand for the well-known property.
“High quality inner-city development sites have become a scarce commodity,” he said.
“100 Leichhardt Street is one of the first on-market opportunities to acquire a quality boutique site, whether for residential, hotel or alternative use, that has become available in 2021.
“It’s near-city location is also a drawcard, with Spring Hill a virtual extension of the Brisbane CBD and enjoying an abundance of amenity and transport options.”
Mr Sandstrom said demand for development sites in Brisbane was very strong, with this property type being one of the most resilient during the pandemic.
“Investors are increasingly drawn to Queensland as our population grows, with interstate migration boosted due to southerners in particular escaping lockdowns and looking for better affordability and lifestyle,” he said.
“Any property offering residential development potential is particularly sought after given the strength of this sector, but commercial development sites are also attractive as our population grows, especially as we look forward to the 2032 Olympics.
“In fact, the level of spending by the private and public sector in Brisbane at the moment, in tandem with nation-leading economic growth prospects, positions Brisbane as one of the most favourable investment markets within Australia.
The Expressions of Interest Campaign for the Spring Hill property will close at 4pm, Wednesday, November 10.