Best Western Gregory Terrace Sale Highlights Interstate Demand for Brisbane Hotel Opportunities
CBRE Hotels’ agents Hayley Manvell and Paul Fraser handled the sale on behalf of the owner GT Property group.
The former 3.5-star hotel is located on a 1,907sqm freehold land parcel, and contains 38 guest rooms, a restaurant and bar, swimming pool and 30 underground car parks.
The purchaser has leased the asset to a tenant on an alternate-use basis.
CBRE Hotels Associate Director Hayley Manvell said, “This sale highlights the continued investor demand for Queensland hotel assets from the southern states. It also demonstrates the opportunity to transform older accommodation product for higher and better uses.”
Ms Manvell noted that Brisbane was expected to continue to lead the nation in relation to interstate migration levels.
With the 2032 Brisbane Olympic Games approaching, interstate investors were also recognising the long-term growth potential in Brisbane’s accommodation market.
“In the lead up to the Olympic Games, both the Queensland and Federal governments have committed unprecedented levels of investment into multiple Brisbane infrastructure projects”.
“Majors projects and developments such as Queen’s Wharf, Brisbane Live, and the Gabba stadium redevelopment, are all set to become significant demand drivers for Brisbane’s accommodation market and will transform the city,” Ms Manvell said.