Central Queensland's historic Gracemere Hotel slated for sale

The historic Gracemere Hotel at Gracemere in central Queensland has been slated for sale.

Constructed in 1885, the double storey building is located on the Old Capricorn Highway and is adjacent to the recently opened Gracemere Shopping World, which has Woolworths and Best & Less as anchor tenants.

The hotel - about 11 kilometres from the Rockhampton CBD - is being marketed by Tony Bargwanna and Leon Alaban of Ray White Hotels Australia.

Mr Bargwanna said the hotel enjoys a reliable trade and no immediate competition in a diverse local economy.

“The hotel in the 2012-13 financial year generated turnover of approximately $7 million plus gaming revenue,” he said.

The hotel, which has had multiple refurbishments, comprises of a sports bar, a bistro and dining area accommodating around 175 patrons, a gaming lounge with 30 EGMs, PubTAB, Keno, a bottle shop, commercial kitchen, children’s playground and eight hotel guest rooms. The land area is about 2,829 square metres.

“The current owners have identified that the sports bar and beer garden would be next areas of growth for the Hotel; concept plans for future works to these areas have already been prepared, added Mr Bargwanna.

While Mr Alaban said the gaming room could easily accommodate an additional 10 electronic gaming machines, subject to approval. “For strategic purchasers, we also believe the acquisition of a vacant block of land adjacent to the hotel car park could be targeted to construct a motel or expand the bottleshop and the car park area,” he said.

Expressions of interest close on November 13.