Hotel Development Opportunity – 422 Kingsford Smith Drive
JLL are pleased to present a near city investment opportunity, recently leased to the Queensland state government and benefitting from a range of future adaptations.
The property has been recently leased to the State of Queensland represented by the Department of Housing in response to a current housing crisis and forecast undersupply with the initial term plus options providing security of income through until mid 2028.
The lease provides strong income growth with fixed 3.5% or CPI, whichever is the higher of the two annually along with the market reviews through both option terms. Additionally, the tenant is responsible for all maintenance and operational costs throughout their lease, excluding statutory charges.
The five level former motel benefits from a host of future repositioning opportunities including but not limited to hotel/motel, social housing, NDIS, medical, office and residential (STCA).
Ideally located along the recently upgraded Kingsford Smith Drive, the property is positioned between Brisbane Airport and less than five kilometres to the CBD.
Within close walking distance to the property are a range of lifestyle and transport amenity including a quality of mix of cafes, restaurants, bars and professional services that line the ever popular Racecourse Road just fifty metres away.
The subject property directly benefits from delivery of the athletes village just a few hundred metres away which will transform Northshore Hamilton and play host to more than 10,000 athletes and team officials throughout the course of the games.
With countless major infrastructure projects underway and a backdrop of the 2032 Summer Olympic Games there is a genuine spotlight on South East Queensland from local, interstate and offshore investors and developers.
