07 Aug 2023
Words John Miller The Hotel Conversation

Gladstone Downtown Central Apartment Hotel for sale by ResortBrokers

The passive freehold of Gladstone Downtown Central Apartment Hotel is being brought to market through ResortBrokers’ Central QLD agent Nathan Benjamin.

Situated on Bramston Street, Gladstone Downtown Central is in the heart of the port city, beside the Dawson Highway and Hanson Road, and only three minutes’ walk from Goondoon Street, Gladstone’s main commercial and dining district.

Comprising 37 strata titled lots, including apartments, a reception and conference room. Gladstone Downtown Central caters for overnight, weekly and monthly stays, as well as longer-term corporate stays. A spacious conference centre, accommodating up to 40 delegates, helps attract corporate trade.

The incoming owner will enjoy the security of having a premium tenant in place in the form of Central Apartment Group, one of Australia’s leading privately owned hotel companies, which only recently renewed its 5-year lease in July. The lease has three further 5-year options which conceivably extends Central Apartment Group’s lease to 2043. With a yearly rent of over $729,000, the incoming owner will also enjoy a top-up based on 42.5 per cent of the gross accommodation revenue. The property is also strata titled, which allows the incoming owner to sell down individual units to benefit from local housing demand should they see fit.

“Gladstone is a city on the move,” says Nathan Benjamin, who is handling the sale for ResortBrokers. “The new owner of Gladstone Downtown Central stands to benefit from the city’s continued prosperity. Not only is Gladstone the gateway to the South Great Barrier Reef, but the local council is working to a comprehensive 10-year economic roadmap to drive the city forward, particularly as a renewable energy hub. The huge investment from both the public and private sector is a massive sign of confidence in Gladstone’s economic future. These tourist and business drivers put the new owner of Gladstone Downtown Central is an enviable position.”

View listing here.