The historic Grand Hotel Bundaberg in the city’s CBD has been listed for sale via the mortgagee in possession amid a period of strong population growth.
CBRE Hotel’s Paul Fraser and Power Jeffrey & Co’s Andy Nason have been jointly appointed to manage the sale via an Expression of Interest campaign closing April 12 2023.
Situated on a 2,043sqm site, the hotel was built in 1885 and underwent a significant renovation program in 2021 with circa $1 million spent on upgrading the main bar, restaurant, function facilities and beer garden.
There are seven retail tenancies over 534sqm of space on the ground floor and a 27-room backpacker-style accommodation offering 90 beds on the first floor.
“We expect this campaign to generate interest from traditional hospitality operators, developers and long-term passive investors,” Mr Fraser said.
“The Grand Hotel provides an incoming buyer with the option to either operate the pub and backpackers as a going concern or to have leases put in place in addition to the vacant retail tenancies, essentially becoming a passive investment.”
Mr Nason added, “Bundaberg, as one of Queensland’s key regional hubs, has a gross regional product of over $4.5 billion and a population expanding past 100,000,”
“The city is undergoing a period of strong population growth and economic expansion, there is currently $4.2 billion in investment committed to various infrastructure projects that are either in planning, under construction or recently completed.”