CBRE has been appointed to sell one of the last strategic land holdings on Queensland’s east coast, in the central Queensland township of Yeppoon.
The Strand Hotel and five surrounding land parcels, overlooking the Yeppoon Foreshore and Rosslyn Bay towards Terry Agnew’s Great Keppel Island, have been placed on the market - unlocking 4,924sqm of prime oceanfront real estate.
The offering comes as Livingstone Shire Council’s plans to revitalise the Yeppoon Foreshore and town centre gain momentum with a $45 million investment.
Darren Collins and Glenn Price of CBRE have been appointed to steer the Expression of Interest campaign on behalf of Brookport Holdings Pty Ltd.
The properties are being offered for sale in one line or individually, providing development opportunities or existing operation of The Strand Hotel.
Mr Price said the land holding’s strategic position in the developing Yeppoon region would attract strong interest from both developers and hotel operators.
“For over 60 years, The Strand has been a favoured watering hole for locals and travelers alike, providing a fantastic setting to enjoy all the offerings of the Yeppoon lifestyle. The venue consistently generates a strong cash flow, with additional upside should an incoming operator wish to take the business to the next level,” Mr Price explained.
“Strategically positioned hotels such as The Strand are historically very tightly held across the east coast of Australia, which should prompt strong interest from the hotel sector, in addition to the expected development focus,” said Mr Price.
The site offers frontages to Yeppoon’s three main sites, as well as zoning permitting a multitude of development options including residential, retail and commercial uses.
Owner David Shannon said of the asset: “My business partner and I have had the hotel and development land for over 12 years. It is no secret that the site is highly coveted and with the local council having a proactive focus on development, we feel the timing is right to unlock its true potential.”
The land parcel will be sold an Expressions of Interest campaign concluding June 15, 2016.