An iconic local pub in Townsville, The Empire Hotel, has been listed for sale or lease.
The property at 29-31 McIlwraith Street in South Townsville has a long history in the city dating back to 1901 when it was built.
It fell into disrepair and sat vacant for almost 20 years but was brought back to life a few years ago after it was purchased and restored by local developer Brodie Jankovic.
The current owners, R & K Investments, who also own and operate The Australian Hotel, nearby on Palmer Street, purchased The Empire Hotel nearly three years ago and after temporarily closing it earlier this year, have made it available for sale or lease.
The Offers to Purchase or Lease campaign for the freehold going concern is being run by Knight Frank agents Glen Cummins and Mark Fitzgerald.
Price expectations are $2.5m+.
The pub occupies a 1,021sq m prominent corner block, which includes the 413sq m pub building.
The freehold hotel includes a fully refurbished bar, kitchen and amenities block, as well as a spacious outdoor beer garden, a TAB area and dedicated kids’ playroom on the ground level.
The top level is home to 15 blank canvas rooms and a balcony area ideal for hosting functions and private events.
A vacant block next door, totalling an extra 1,021sq m, is currently leased by the pub as a multifunctional space with an extended kids’ play area, extra seating for busy days, functions and events and additional guest services. It is now also available for sale, or the lease can be continued.
Mr Cummins said The Empire Hotel was expected to generate interest from local and interstate existing pub groups looking to expand in Queensland.
“The iconic Empire Hotel presents an exceptional opportunity to acquire an established freehold hotel that has undergone recent refurbishments and is ready for immediate operation.
“The Empire Hotel has a well-established reputation within Townsville, with loyal customers and a strong brand presence in the local community.
“For investors and developers the property also offers future upside through updating the accommodation upstairs, refurbishing the functions venue, converting the kids’ playroom into a licensed gaming room and developing the neighbouring vacant block.
“The adjacent block is a very highly sought after piece of real estate with tremendous development potential, as the zoning allows for a building of up to 12 storeys that could be a mixed-use development with apartments and commercial office space.
“A developer could use it for expansion or enhancement of The Empire Hotel, including increasing room capacity, adding new amenities or transforming the space into a multi-use area.”
Mr Fitzgerald said the property’s prime location and development upside made it an ideal choice for developers looking to capitalise on Townsville’s expanding urban landscape, whether for residential, hospitality or commercial use.
“The Townsville region is continuing to develop, with a robust local economy driven by the corporate sector, tourism and events, and it is increasingly attracting investors,” he said.
“The Empire Hotel is located on a prominent corner block in a prime location within the city, within five minutes’ walk to Townsville’s Entertainment Precinct and Queensland Country Bank Stadium, as well as being close to other amenity.”
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