Re­ceivers put iconic ho­tel on the mar­ket

Townsville Bulletin - - Investor - by Martin Rasini martin. rasini@ townsville­bul­letin. com. au

GRAND LADY: the Aus­tralian Ho­tel, which sits on a 4554sq m five-ti­tle site at 11 Palmer St, South Townsville, is for sale R E C E I V E R S wh o s o me weeks ago took con­trol of a multi-mil­lion-dol­lar par­cel of as­sets held by Sun­shine Coast busi­ness­man Greg Poin­ton have placed his Aus­tralian Ho­tel in South Townsvill e ’ s hospi t a l i t y precinct on the mar­ket.

The Palmer St prop­erty is for sale by ten­der along with Glad­stone’s Grand Ho­tel, and are held through The Oaks Apart­ments Man­age­ment, which also holds South Townsville’s Metropole tav­ern and Ho­tel M.

The com­pany’s as­sets in early Fe­bru­ary were placed i n t h e h a n d s o f G u y Ed­wards, Dar­ryl Kirk and Paul Kirk, of Price­wa­ter­house­Coop­ers in Bris­bane, by mort­gagees ANZ Banki ng Group a nd Esanda Fi­nance.

Days ear­lier, ANZ ap­pointed re­ceivers to Poin­ton en­ti­ties hold­ing about 36 per cent of listed com­pany Oaks Ho­tel and Re­sorts, which con­trols al­most 40 apart­ment ho­tels in Aus­tralia, New Zealand and Ara­bian Gulf states.

The ten­der cam­paign for the Townsville and Glad- stone tav­erns is be­ing man­aged by Craig Har­ley and Joel Fisher, of CBRE Ho­tels in Bris­bane, and closes on May 5.

No plans have been un­veiled for the Metropole or t he strata-t i t l e, 50-suite, 11-storey Ho­tel M, al­though Mr Ed­wards said in Fe­bru­ary all prop­er­ties would be sold.

The Aus­tralian sits on a 4554sq m five-ti­tle site at 11 Palmer St, and was ac­quired in June 2007 for $ 5.935 mil­lion.

The Metropole and Ho­tel M, which opened in Jan­uary 2009, oc­cupy a 2665sq m par­cel on which the ho­tel was de­vel­oped.

Glad­stone’s Grand Ho­tel was bought in June 2007 for $ 14.8 mil­lion.

Agent Mr Har­ley said yes­ter­day the Aus­tralian Ho­tel en­joyed a high-pro­file din­ing and re­cre­ation hub lo­ca­tion.

‘‘ We ex­pect it to at­tract in­ter­est from both ho­tel in­vestors and de­vel­op­ers, given its blue-rib­bon lo­ca­tion and sig­nif­i­cant de­vel­op­ment po­ten­tial,’’ he said.

The prop­erty is be­ing of­fered with a ho­tel li­cence and eight gam­ing ma­chine authorities.

I t f ea­tures a de­tached bot­tleshop, gar­den bistro, large pub­lic bar, lounge bar, g a ming r o o m a nd b e e r gar­den.

M r H a r l e y s a i d T h e Grand, was ‘‘ likely to be one of the most sought ho­tel of­fer­ings in Queens­land’’ given that the Port of Glad­stone ‘‘ is on its way to be­com­ing one of the world’s largest liq­uid nat­u­ral gas ex­porters’’.

Santos holds ap­proval for a $ US16 bil­lion Glad­stone LNG pro­ject and Bri­tain’s BG last year com­mit­ted to a $ US15 bil­lion pro­ject.

Mr Har­ley said the projects would cre­ate thou­sands of jobs and drive in­vestor de­mand for real es­tate.

The Grand Ho­tel, oc­cu­pies a 3900sq m site.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.