Hotel owner quietly buys neighbouring sites
Singh Enterprises has quietly snapped up sites either side of the Mercure Spring Hill, which it bought last year.
The biggest property, the Soho Hotel, on 857 square metres at 333 Wickham Terrace, set it back $12.9 million.
Over five levels, there are 52 suites, restaurant and manager’s residence.
There is also a basement car park.
The second site, the ex-St Albans Liberal Catholic Church, on 384 sqm at 351 Wickham Terrace, is speculated to be costing $6m.
The heritage listed building has 180 sqm over two floors.
Singh, led by father and son, Teja and Sammy Singh, paid $42.7m for the Mercure – then known as the Pacific Hotel – following a deal entered into in late 2023.
Singh creates supersite
With the deals for 333 and 351 Wickham St, Singh controls 4150 sqm, opposite Roma Street Parkland, zoned MU1 Mixed use (Inner City), allowing commercial and residential.
Given neighbouring properties on similarly zoned Mixed Use land, up to 20 levels could be considered, CBRE’s Wayne Bunz, who brokered the deal with Hayley Mansell, said
“This is a generational holding in one of Brisbane’s most character filled urban corridors, consolidating three prime Spring Hill properties with Mixed Use zoning under a single owner, paving the way for one of the suburb’s most significant long-term redevelopment opportunities,” according to the executive.
“These acquisitions give the buyer the flexibility to explore a large scale mixed-use redevelopment over time while benefiting from a high performing asset in the interim,” he added.
“The Singh family’s vision for Wickham Terrace reflects the continued strength of Brisbane’s city-fringe investment market, driven by its proximity to major transport, hospitals and the future Cross River Rail and Roma Street precincts”.
Development upside
Singh also holds self storage, convenience retail and agricultural real estate investments.
“Our focus has always been on acquiring quality, well-located assets with long-term potential,” Singh Enterprises Director Sammy Singh said.
“With three properties now under our ownership, we are excited to contribute to the ongoing evolution of Spring Hill and explore options that contribute to the area’s hospitality and accommodation landscape,” he added.
Subscribe to our newsletter at the bottom of this page.
