ALE Property Group has sold Toowong’s Royal Exchange Hotel for $14.05 million – a price reflecting a four per cent yield.
The historic property carried price expectations of $11.5m when it was listed last month.
Its book value as at January, 31, 2021, was $10.1m.
Burgess Rawson’s Michael Gilbert, Glenn Conridge and Jamie Perlinger with HTL Property’s Glenn Price and Brent McCarthy were the sales agents.
In Melbourne, the group recently listed Cheltenham’s Tudor Inn Hotel, via CBRE.
Royal Exchange Hotel
Built in 1886, then extended, the Royal Exchange Hotel at 10 High Street contains has 40 electronic gambling machine licenses (story continues below).
The double storey property spreads a 2453 square metre site with 27 car parks.
ALE offered it with a seven year leaseback but with options it can stay until 2068.
The operator recently offloaded three Queensland venues for a total of $22.8m: the Edinbugh Hotel and Kedron Park, in Brisbane, and Pelican Waters Tavern.
In June, it banked $33m from the Boundary Hotel in Melbourne’s East Bentleigh.
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