Samdoo pays $29m for Brisbane hotel
A South Korean-backed investor has boosted its Australian hotel portfolio with a prominent city fringe Brisbane asset.
Samdoo Corporation has paid $28.6 million for the Madison Tower Mill Hotel at 239 Wickham Terrace, Spring Hill,
On 1462 square metres zoned Mixed Use overlooking Wickham Park, north of Brisbane’s Golden Triangle office precinct, the property was marketed for its development upside.
It is also a secure investment – with 70 suites and a gaming room with 14 electronic gambling machines.
Interstay Holdings was the seller.
It paid listed operator Transmetro Corporation $4m in 2018 before renovating and rebranding it.
For decades before the property traded as the Metro Hotel Tower Mill.
The venue also accommodated South Africa’s Springboks rugby team during its controversial 1971 Australian tour.
Then-premier Joh Bjelke-Petersen declared a month-long State of Emergency ahead of the team’s Brisbane appearance as thousands of anti-apartheid protesters opposed the visit, with the hotel becoming a focal point for demonstrations and clashes with police (continues below).
Booming Brisbane
Samdoo was established in 1988 by Joseph Jin-Sung Kim, for years now with a Brisbane office.
Its portfolio includes residential, hospitality and commercial property.
The Madison Tower Mill Hotel deal comes a year since it paid $26m for the ex-Quest South Brisbane at 46-50 Water Steet. Jencorp Property Group was that seller. The venue is now known as Hotel Diana South Brisbane.
Samdoo also owns the Hotel Diana Woolloongabba at 12 Annerley Road, Woolloongabba.
HTL Property’s Andrew Jackson, Nic Simarro and Glenn Price closed an expressions of interest campaign for 239 Wickham Tce in March.
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