One of Townsville’s most prominent waterfront hospitality assets has sold for $2.1 million following a highly competitive sales campaign that attracted strong interest from local, interstate and international buyers.
Rockpool Pavilion, located at 54 Howitt Street on the iconic Strand foreshore in North Ward, was purchased by a private owner-occupier looking to continue operating the venue from FGH Group in a deal negotiated by Glen Cummins and Mark Fitzgerald of Knight Frank.
The landmark hospitality venue, which operates as a restaurant and bar, as well as a functions and events venue, occupies a 710sq m site and includes a 613sq m building overlooking Cleveland Bay and Magnetic Island.
Positioned adjacent to Townsville’s Rockpool and the historic Jezzine Barracks, the property is one of North Queensland’s most tightly held waterfront hospitality locations.
The Expressions of Interest campaign generated more than 90 enquiries from local, regional, interstate and international buyers, resulting in five formal offers being submitted.
Mr Cummins said the result highlighted the strong demand for quality waterfront assets across Townsville and the broader North Queensland region.
“The property’s unrivalled waterfront position on The Strand was a key driver of buyer interest,” he said.
“Opportunities to secure hospitality assets in such a tightly-held waterfront location are extremely rare, resulting in strong demand from both investors and owner-occupiers.”
“Proposed upgrades to the Rockpool and surrounding waterfront precinct are expected to further enhance the area’s appeal, providing the new owner with an opportunity to capitalise on renewed investment and increased visitation.”
Mr Fitzgerald said: “The Townsville market continues to demonstrate strong confidence, particularly from investors and owner-occupiers attracted to the region’s favourable economic fundamentals and future growth prospects,” he said.
“We continue to see sustained interest from buyers looking to invest across Townsville and the wider North Queensland region, with waterfront assets attracting particularly strong attention due to their scarcity and lifestyle appeal.
“The sale of the Rockpool Pavilion represents a significant vote of confidence in one of Townsville’s most tightly held waterfront hospitality locations.”
Related Articles
