April 24, 2015
Two freehold going concern hotels located in the Bowen region in central coastal Queensland are being offered for sale via auction by 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 marketed by Leon Alaban and Christian Tsalikis of Ray White Hotels Australia.
Mr Alaban said the hotels were offered for sale individually with both properties set to benefit from extensive regional development including the proposed 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 proposed coal terminal expansion, potentially creating some lucrative investment opportunities,” he said.
“This type of offering is extremely unique; there are a few external factors which have influenced this campaign, subsequently the vendors have exercised a power of attorney to show their level of commitment to the process.
Mr Alaban said the Denison Hotel is ideally located in the centre of Bowen on a site area of approximately 3,052 sqm.
“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.
“At the rear of the hotel is a block of motel accommodation units that have not been operating for a number of years. An incoming purchaser has the ability to refurbish or demolish the units and subsequently better utilise the space to produce a higher income.”
Mr Tsalikis 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.”
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.
The two hotels will be auctioned (if not sold prior) from 10.30am on Friday, May 15, 2015, on Level 26 at 111 Eagle Street, Brisbane.
For more information:
Mb: 0422 011 455
Mb: 0421 562 262
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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