Regional pub market continues to prosper with lockdowns, travel restrictions and capacity limits now in the past.
The freehold going concern interest in the Grand Hotel Bundaberg has sold for circa $4 million amid continued demand for regional Queensland pub investment opportunities.
CBRE Hotels’ National Pub Director Paul Fraser steered the on-market Expressions of Interest campaign on behalf of the mortgagee in possession, High Country Pastoral Pty Ltd.
The hotel recently underwent a significant $1 million refurbishment and is situated on a substantial 2,024sqm freehold land parcel in Bundaberg’s CBD. It includes a large main bar area, restaurant, function facilities and beer garden.
The asset also incorporates 27 accommodation rooms, which were utilised as a 90-bed backpacker facility by the previous owners.
Mr Fraser noted, “The Grand Hotel presented the opportunity for an incoming purchaser to reposition the hotel as either an operator or lessor. With multiple options available the asset is perfectly positioned for a complete rejuvenation, which would cement it as a keystone property in the Bundaberg CBD.”
The asset also incorporates seven retail tenancies totaling 543sqm, providing the purchaser with diverse revenue streams.