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Press Release – Bowen

Media Release

April 30, 2014

FREEHOLD HOTELS IN BOOMING BOWEN REGION FOR SALE

Two freehold going concern hotels located in the prosperous Bowen region in central coastal Queensland have been listed for sale with Ray White Hotels Australia.

The Denison Hotel located at 55 Powell Street, Bowen, and the Merinda Village Hotel at 13 Linley Street, Merinda, are being offered for sale via Expressions of Interest by Leon Alaban and Sean Dollar of Ray White Hotels Australia.

Mr Alaban said the hotels were offered for sale individually or in one line with both properties set to benefit from extensive regional development including the expansion of the Abbot Point coal terminal north of Bowen.

“There is already widespread hope that existing mining communities in the region will reap the rewards of the coal terminal expansion, potentially creating some lucrative investment opportunities,” he said.

“The owners of the respective hotels believe in the region and its growth potential and would also consider joint venture partners.”

Mr Alaban said the owners of the Denison Hotel; located in the centre of Bowen on a site area of approximately 3,052 sqm, were reluctant sellers who were putting the property on the market for the first time in more than 50 years.

“The hotel, which was rebuilt in 1984 after being destroyed by fire, now consists of a single level concrete structure and features a lounge bar, nightclub and a gaming room with 40 EGMs,” he said.

‘There’s also a drive through bottle shop, a commercial kitchen, storage and office areas. The hotel, one of the best performing in the region, also operates a detached bottle shop in the Woolworths and Target Country anchored shopping centre.”

Mr Dollar said the Merinda Village Hotel, located approximately 8km north of Bowen and 15km from Abbot Point on a site area of approximately 12,628 sqm, had a QHA award-winning $6 million refurbishment completed in 2010.

“The hotel consists of a public bar, bistro and TAB and features a high quality purpose built function and conference centre,” he said.

“This centre is arguably the best in the region and provides an incoming purchaser with an opportunity to strategically target the regional wedding and corporate market.

“The site has 48 accommodation rooms and there is a current development approval in place for an additional 96 units plus a 12 room motel.

“The vendor will also consider all genuine offers on a joint venture scenario.”

Bowen, which was founded in 1861 and has a population of approximately 10,500, is approximately 1,130km north of Brisbane, 200km south of Townsville and 190km north of Mackay.

All Expressions of Interest must be submitted to the Ray White Hotels office at Level 7, Riverside Centre, 123 Eagle Street, Brisbane, by 4pm on Wednesday, May 28, 2014.
ENDS

For more information:

Leon Alaban
Mb: 0422 011 455

Sean Dollar
Mb: 0547 446 196
About Ray White
Ray White is the largest real estate and property group in Australasia. The company, established in 1902 at Crows Nest in Queensland, has almost 1,000 individual offices spread across Australia, New Zealand, Indonesia and India as well as newer offices in key locations in the Asian region and the United Arab Emirates. The brand is represented by more than 8,000 staff, has an annual sales turnover in excess of $30 billion and manages more than 300,000 rental properties.

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