Landmark riverside motel in Brisbane’s Hamilton sold through Savills

Landmark riverside motel in Brisbane’s Hamilton sold through Savills
Landmark riverside motel in Brisbane’s Hamilton sold through Savills

A long-standing motel in Brisbane’s inner suburb of Hamilton has been sold through Savills for an undisclosed sum, although the transaction is believed to be around $2.5 million.

The Kingsford Riverside Inn at 114 Kingsford Smith Drive comprises 25 rooms, a manager’s residence, reception area and other utilities. The 3 Star rated motel is also conveniently located opposite a 24 hour service station.

The four-storey motel was built in 1957 and has been owned and operated for the past 17 years by a local Brisbane couple who are now heading for retirement. It was bought for $450,000 by Daniel and Jane Doyle, according to CoreLogic RP Data.

The freehold motel property is set on an area of 663 sqm. 

The sale to private Sydney-based buyer was brokered by Nic Simarro and Tim Packman of Savills. 

The new owners have promised an extensive refurbishment, according to The Courier Mail.

Simarro said the property attracted much buyer interest due to its prominent high-exposure location on Kingsford Smith Drive. It is close to the airport and Brisbane CBD.

“Given the location, substantial landholding and favourable zoning, the property provides excellent medium-term redevelopment potential,” Simarro said.

Packman said the riverside setting provides panoramic views of the Brisbane River.

He said the site is prime for repositioning as it is zoned ‘High Density Residential (Up to 8 Storeys)’ and provides an opportunity for future redevelopment, subject to Council approval. 

“The underlying land rich nature of the site presents great flexibility in future uses to capitalise on the high level of infrastructure and development activity in the surrounding area,” Packman said.

Tags: 
Brisbane Motel Sale

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