Receivers put iconic hotel on the market
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.