Mathieson offloads Brisbane CBD hotel
Pub baron Bruce Mathieson has sold one of his Brisbane central business district hotels to a Singapore investor for $29.5 million.
Mr Mathieson’s company, BLM (M) Brisbane, sold the 99-room hotel in an off-market transaction amid strong international interest in the Brisbane commercial market.
Knight Frank’s Justin Bond, who managed the sale with Tom O’Driscoll, said the 13-storey building was attractive to investors for its location and potential.
“The opportunity to purchase a freehold hotel offering a short lease in Brisbane’s emerging Queen’s Wharf precinct was a strong driver for the Singapore-based investor,” Mr Bond said.
The Rendezvous-branded hotel, leased as part of Toga Far East’s chain, is on George Street. It is opposite Brisbane’s heritage precinct, which will be redeveloped in the coming years with a multi-billion-dollar overhaul.
Under the proposed Queen’s Wharf development — which is down to two leading bidding groups, casino companies Echo Entertainment and Crown — almost 10 hectares of land will be transformed into a residential, commercial and retail hub.
“In the last 12 months, 48 per cent of commercial transactions in Brisbane’s central business district were by foreign investors,” Mr Bond said. “We anticipate this to continue.”
Property searches show the building sold in 2007 for $24m.
Source: The Australian - Business Review, Rosanne Barrett, June 26th 2015
