Savills News

4-Star hotel hits market with development opportunity

A four star boutique hotel in Spring Hill has hit the market, with significant opportunity for an incoming buyer to capitalise on its current operations, reposition, or redevelop the asset. 

A four star boutique hotel in Spring Hill has hit the market, with significant opportunity for an incoming buyer to capitalise on its current operations, reposition, or redevelop the asset.

Currently the only Brisbane hotel on the market, The Park Hotel located at 551 Wickham Terrace is being exclusively offered for sale by Max Cooper and Tim Packman of Savills.

Located opposite the Roma Street Parkland, The Park Hotel resides on a large 2,369sq m freehold corner site, featuring 94 well-appointed rooms, plus restaurant, bar, conference, and swimming pool facilities.

The property has an elevated position in Spring Hill and obtains extensive views over the Brisbane city skyline and west to Mount Coot-Tha.

Director of Savills Hotels, Max Cooper, said the asset currently operates as a successful hotel business, however there is substantial operational upside potential, grounds for expansion, redevelopment, or adaptive re-use of the existing buildings.

“The Park Hotel offers an excellent opportunity for investors to take advantage of Brisbane’s growing tourism market and hotel demand by acquiring a quality hotel with extensive opportunities to add value through its operations or from further development,” Mr Cooper said.

The Hotel is situated within a mixed use zone (MU1), and comes with future development potential, with the opportunity to increase the current building height of 7 to 15 storeys, subject to Council approval.

This zoning also permits a wide range of accommodation uses, including residential and serviced apartments, retirement and aged care living.

Executive of Capital Transactions at Savills, Tim Packman, said we are seeing a resurgence in developer and investor interest in the city and fringe areas, with over $15 billion of infrastructure and major development projects in Brisbane now committed and underway.

“The re-development of Roma Street Station and the potential for Brisbane Live as part of the Cross City Rail project will be transformative to Spring Hill and the Roma Street Parkland precinct,” Mr Packman said.

The Park Hotel is being presented to market with vacant possession, with the existing Event Hospitality management structure in place, or subject to a two year vendor leaseback.

“The opportunity to purchase the Hotel is being offered with a number of management options, giving flexibility to buyers,” Mr Packman said.

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