Investor buys ex-Hamilton Motor Inn
Epoca Constructions has sold the former Hamilton Motor Inn – now emergency accommodation rented to the Queensland government.
The incoming owner of 422 Kingsford Smith Drive, Hamilton, plans to return the Brisbane River facing property as a guesthouse upon gaining vacant possession next year.
The yield is 6.5 per cent; assuming the tenant is paying $500 per week for each of the 23 rooms, this could price the property at c$9 million.
Epoca, via a company, 422KSD, paid $6.6m including GST in March, 2022, to the operators of over 30 years.
Following a repurpose, the government moved in nine months later.
Units have been provided as specialist support housing for young people at risk of homelessness.
“South East Queensland, and specifically Brisbane, is enjoying a strong period of growth with unprecedented investment demand and limited new hotel supply on the horizon,” JLL’s Gareth Closter, who brokered the deal with John Spencer, said.
“For the right assets, we are seeing traditional hotel investors strongly competing against living-sector buyers given the current buoyancy of that market also,” he added.
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