Townsville’s Oonoonba Hotel is for sale and represents an opportunity for investors to capitalise on the city’s strong economic outlook, according to its agents.
Located on the main junction of Townsville’s CBD, the Oonoonba Hotel comprises a beer garden, large TAB and gaming area, lounge bar and bistro plus eight motel units.
The 78 Abbot Street venue, which sits on 3739 square metres of freehold land, has a car park with around 60 spaces, a drive-in bottle department, central cold-room servicing all areas and a commercial kitchen and store rooms.
CBRE Hotels’ Paul Fraser and Glenn Price have been appointed to sell the freehold property in conjunction with Power Jeffrey & Co’s Peter Power and Andy Nason through an expressions-of-interest campaign.
Mr Fraser said with slated projects such as the new Townsville Port, a multi-million-dollar airport upgrade and the $250 million Townsville Stadium, the Townsville market was set to generate increasing interest from investors.
“Townsville is positioned for major economic growth over the coming years, with more infrastructure projects mooted than in any other regional Queensland city,” Mr Fraser said.
“This strong economic outlook paints a strong picture for anyone looking to invest in the growing region. Assets such as the Oonooba Hotel offer an attractive opportunity for an astute investor looking to secure a foothold in a city destined for strong economic growth in the foreseeable future.”
Mr Power said that the asset would suit a smaller-scale operator, such as an owner occupier.
“The Oonoonba Hotel is a very well presented complex having undergone an extensive renovations program in recent years,” Mr Power said.
“Ideally the hotel would suit a hands on owner-operator or smaller hotel group. Its practical layout provides for efficiencies in staffing and overall ease of operation.
The Oonoonba isn’t Townsville’s only pub for sale.
Over in South Townsville, two hotels built in the same year and designed by the same architect have been listed for sale.
Aerial view of the Commonwealth Hotel, listed for sale with Ray White Commercial. Photo: Supplied
Built in 1901 and listed on Townsville Council’s heritage register, the Commonwealth features a bar, bistro and 20 recently refurbished accommodation rooms.
The vacant premises, which according to listing agent Glenn Adair last operated as a pub 15 years ago, is being sold with development approval for a residential block incorporating the heritage-listed building facade.
The former Empire Hotel building is for sale with Elders. Photo: Supplied