Premier Rocky business hits commercial real estate market
ONE OF Rockhampton's prestige riverfront accommodation businesses have been listed for sale.
The riverfront Travelodge Rockhampton has been listed for sale on behalf of the Tucker Box Hotel Trust.
CBRE Hotels' Wayne Bunz and Hayley Manvell have been exclusively appointed to market the freehold going concern asset via an expressions of interest campaign closing October 5, 2018.
The well-presented, 4-star hotel features 74 well-appointed guest rooms offering exceptional river views and ranging in size from 27sqm to 47sqm.
It also offers extensive facilities, incorporating four conference and meeting rooms - the largest in Rockhampton - as well as two food and beverage venues, a swimming pool, gymnasium and ample parking.
The hotel is operated by TFE Hotels under the Travelodge brand, but is being offered with vacant possession at no cost.
The asset also features a two-bedroom manager's residence.
CBRE Hotels' Senior Negotiator Hayley Manvell said: "The ability to gain vacant possession, coupled with the fact that the property features on-site, two-bedroom manager's residence, presents an exciting opportunity for owner operators or alternate brands to gain a foothold in the region.”
"The hotel has a robust trading performance delivering a strong profit margin, and offers the potential to significantly value-add and further increase the EBITDA (Earnings before interest, taxes, depreciation, and amortization).”
Situated in the Rockhampton CBD on a prime freehold site of 3,210sqm fronting the riverfront and Victoria Parade, providing a significant underlying land value.
The hotel is also within the Fitzroy River Precinct, which recently underwent a major $36 million revitalisation project.
CBRE Hotels National Director Wayne Bunz commented; "Whilst other regional locations in Australia are suffering economically from the drought, Rockhampton offers a diverse economic base as a regional centre for Central Queensland, with good transport access, education and health hubs, a strong agricultural sector and contributions from the construction, tertiary services, mining and resources sectors.”
"The area's economy is also set to benefit from the opening of new mines in the Bowen Basin and $1.6b in major projects under construction or proposed, which will lead to increased visitation from corporates and tradespeople and drive room rates accordingly.”