CBRE Hotels has been retained by Abacus Property Group (the “Owner”) to offer for sale Lennons Plaza (the “Property” or “Asset”) by Private Treaty.
Lennons Plaza is strategically located in the heart of the Brisbane CBD and occupies a prime site fronting Brisbane’s main retail thoroughfare, the Queen Street Mall. Situated on a prime 1,227sqm freehold site, this mixed-use development urrently features 154 guest rooms, 3,664sqm of commercial office space, 751sqm of ground floor retail and a basement car park for 48 vehicles. The Property is within easy walking distance to the city’s commercial office precinct and the Government and Law districts. It is also just a short distance from numerous demand generators and local attractions including the City Botanic Gardens, Treasury Casino, South Bank and Suncorp Stadium. Fortitude Valley, Brisbane’s main entertainment and dining precinct is just a short distance away while the domestic and international airports are about a 20 minute drive.
Brisbane is forecast to be one of Australia’s strongest performing hotel markets over the coming years and is beginning to witness a prompt recovery in corporate demand as well as an increase in domestic leisure and the meetings segment. With limited new supply expected to enter the Brisbane market, RevPAR is poised for near double digit growth over the coming years.