Two pubs have recently been sold and will be redeveloped into other establishments – The International Hotel in Brisbane, and the Waratah Hotel in Hobart.
The site of The International Hotel in Brisbane’s inner-city Spring Hill was sold to Silverstone Developments for $5 million in a deal negotiated by CBRE’s Darren Collins and Paul Fraser.
The 1745 sqm corner site currently includes a hotel comprising a large bar, restaurant, gaming room, on-site liquor barn and micro-brewery. It is situated in an area that is currently undergoing rejuvenation.
Silverstone Developments has a diversified portfolio of commercial, retail and residential projects, as well as a growing book of managed development investments, and has recently taken an interest in Brisbane properties.
Silverstone’s managing director, Troy Daffy, said that the hotel site would likely be turned into a retail or medical facility.
“The site is located opposite the St Andrews War Memorial Hospital in a strong education precinct, which is also benefiting from a growing residential population.
“Given the property has substantial built improvements and a large on-grade car park, it is likely that the building will be repositioned in the near term with retail or medical users, with a long-term play of a larger medical or commercial development given the hospital use directly adjacent.”
Collins said that the property sale fielded 67 inquiries, most of which were looking to redevelop the site for other uses.
“Astute groups are capitalising on opportunities to acquire future development sites in the near city market while the high-density residential market recalibrates.”
Meanwhile in Hobart, the State Government has purchased the Waratah Hotel for $5.3 million and will convert the building into public housing. The government already owns public housing facilities on the opposite side of Harrington Street.
“The Waratah will be converted into a supported accommodation facility. We will be doing some modifications to the building to make it into a facility where people can live and have various services available to them there to support them in their tenancy,” Housing Minister Roger Jaensch told the ABC.
The first stage of the property’s conversion will be working with the existing building footprint, increasing its capacity and making it fit to purpose, with more development for the site slated in the long-term.
“Certainly, part of the attraction of this site was its potential for further development in the future. So that I think makes it a good investment, and it’s good to have that investment and further opportunities in the hands of Housing Tasmania,” stated Jaensch.
The housing will be open and taking tenants in 2020.