POPULAR: The Premier Hotel’s prominent location and the property’s favourable planning controls are expected to be key drawcards for buyers.Strong market interest is expected in The Premier Hotel, which was listed for sale during the week.
Ben McDonald and Daniel Dragicevich from CBRE Hotels, in conjunction with Deane Moore from Moore and Moore Real Estate, will market the Broadmeadow establishment.
The hotel is being sold on behalf of Newcastle-based Castle Hotels, headed byRolly de With, who also owns Junction Hotel and SunnysideTavern.
Located within walking distance ofNewcastle racing precinct, at the nine ways intersection, The Premier Hotel occupies a 1076sqm site with dual street frontage.
Mr McDonald said the campaign was timed to capitalise on the increasing interest from Sydney-based investors in coastal markets.
“With annual revenues in excess of $3.6 million, and capital value underpinned by 17 poker machine entitlements, strong market interest is anticipated from local operators and Sydney-based publicans seeking a foot hold in the Newcastle market or to build on an existing portfolio of pubs or commercial property investments,” Mr McDonald said.
Moore and Moore Principal Deane Moore identified the prominent location and the property’s favourable planning controls as key buyer drawcards.
“The Premier’s flexible mixed use zoning, 11-metre height limit and favourable floor space ratio provides investors with immediate development upside and the opportunity to create a feature property with approximately 2200sqm of gross floor area over four levels subject to the relevant planning approvals,” Mr Moore said.
“The neighbouring suburbs of Broadmeadow and Adamstown are set to expand significantly over the short term with seven mixed use residential projects set to launch in 2018/19. The Premier Hotel will be a significant benefactor of this growth.”
Expressions of Interest close onSeptember 28.
SELLING FASTA new warehouse unit development on Munibung Road, Cardiff has proven sought after, with sixunits sold and only tworemaining.
Byrne Tran, of Colliers International, said “the market has really taken to these units” which varyin size from 103sqm to211sqm.