Former Fortitude Valley hotel for sale
The freehold of the former L’Academie Hotel site at 247 St Pauls Terrace (pictured above), Fortitude Valley in Brisbane is being sold through the receivers with no firm price expectations.
CBRE agent Glenn Price says the only current guide to the non-trading hotel’s current worth is its unimproved land value - about $1.8 million – as there are no recent financials.
‘’We are asking what value potential buyers put on it,’’ Price says in the lead up to the expression of interest campaign in conjunction with receivers BDO.
‘’$1.8 million is the benchmark but it’s up to the potential buyers. There might be a one in front of the figure or a two - it’s up to them.’’
The sale includes the now-suspended former Commercial Hotel licence, an earlier trading name, subject to the buyer satisfying the relevant authorities and paying the requisite fees.
About 1.8km from the CBD, the property is billed by Price as a ‘’blank canvas for an incoming operator to create a new high class entertainment venue within the dynamic and eclectic Fortitude Valley’’.
Over three levels the elevated 639 square metre site is on the corner of Gipps Street. There’s a public bar, second bar, cafe with street frontage, formal restaurant with seating for 74, upper level function room for 40-60, commercial kitchen, training kitchen, six offices and a cool room.
The gross floor area is 1426 square metres and there’s parking for nine vehicles. Trading hours are Monday to Sunday 10am–midnight. The hotel’s most recent use is as a training facility.
The Valley is a nightlife hub with art galleries, pubs, clubs, cafes, a variety of retail, China Town, Brunswick Street Mall, RNA “Showground Hill” Project, and the Wickham and Ann street precincts.
The new high frequency City Glider bus service is a short walk away. Nearby arterials access the CBD, Pacific Motorway, Gateway Motorway and airport.
The Valley has undergone extensive rejuvenation over the past 20 years, led by the Brisbane City Council’s Urban Renewal Taskforce’s multi-million dollar investment in public areas and infrastructure.
Price says the hotel has potential for redevelopment also as offices, retail, accommodation and other uses (subject to council approval). Further development may be allowed under the council’s master plan for the area.
The property is zoned under City Plan MP2, Multi Purpose Centre MP2, Major Centre Plan and is subject to the Fortitude Valley Neighbourhood Plan.
Expressions of interest close on August 7.