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Investor snaps up Rocky pub for $200,000

Lou O'Brien

A WESTERN Australian investor has snapped the Central Hotel in Koongal at the bargain price of $200,000.

The sale went through on September 2, after a few months on the market, and agent Andrew Leach said the North Rockhampton pub would continue to trade as a hotel under the current lease arrangements.

Mr Leach, from Ray White Rockhampton City, said the $200,000 price (it sold for $595,000 in 1992) probably reflected the age of the pub, not withstanding the potential of the property.

The Central Hotel on Lakes Creek Rd sold for $200,000 in September 2016.
The Central Hotel on Lakes Creek Rd sold for $200,000 in September 2016.

"It is certainly a nice handy parcel of land (1,608*m2 corner allotment on two titles on Lakes Creek Rd) for future development, even if you wanted to do up the pub and put up a beer garden or drive through wide frontage," he said.

Koongal also featured strongly in the REIQ market report for the June quarter with the best performance for Rockhampton median house prices over the past 12 months.

The suburb's annual median price was $240,000 which represented a 4.4% increase from 2015 based on 44 sales.

 

 

June quarter sales market - houses.Photo Contributed
June quarter sales market - houses.Photo Contributed REIQ

Mr Leach said suburbs like Berserker and Koongal were proven performers based on affordability and rate of return.

The median price for the Rockhampton Region dropped 6.85% to $275,000 for the 12 month period to June but some agents have noted an increase in sales activity and enquiries in the few months indicating a positive swing in the market.

Mr Leach said he had been fielding a marked increase in calls from prospective buyers.

"I've been flat out,"he said.

"It started a month before the (federal) election when my enquiry rate increased in all factors, not just in industrial but retail, business, anything commercial," he said.

" I think we are becoming more accepting of the current market and just getting on with it."

Livingstone Shire's median house price recorded a 2.1% reduction to $372,000 for the 12 months to June from 81 sales with Lammermoor ($475,000) the top performing suburb up 18%.

Topics:  rockhampton hotel, rockhampton property



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