The historic Grand Hotel Bundaberg is up for grabs, as the city benefits from a boom in population and economic growth.
The old pub is on a 2,043sqm corner block on Bourbong Street, in the Bundaberg CBD. The classic two-storey hotel, with wrap-around balcony, is appropriately adorned in the colours and livery of Bundy.
Built 1885, it offers a large main bar area, restaurant, function facilities, beer garden, and 27 accommodation rooms, in recent years run as a 90-bed backpacker facility.
The property also incorporates seven retail tenancies, totalling 543sqm of the ground floor.
For almost 40 years it was operated by Tomik Hotels, until the group was wound up in 2018 and the pub sold to a private operator.
Following the national pandemic shutdown, the Grand reopened sporting a significant circa $1 million renovation in 2021, upgrading the main bar, restaurant, function facilities and beer garden. But the return was short-lived, and the following March it announced on social media it had “closed until further notice”.
Hitting the market in April, it later sold as a freehold going concern for circa $4 million.
But in the wake of pressures from within and outside the industry, it is now for sale again, via the mortgagee in possession. The sale comes amid a period of strong economic activity and residential growth in the region.
A marketing campaign is being managed by CBRE Hotel’s Paul Fraser and Power Jeffrey & Co’s Andy Nason, who anticipate the well-established Hotel will generate interest from publicans, developers and long-term passive investors.
“Bundaberg, as one of Queensland’s key regional hubs, has a gross regional product of over $4.5 billion and a population expanding past 100,000,” notes Nason.
“The city is undergoing a period of strong population growth and economic expansion, there is currently $4.2 billion in investment committed to various infrastructure projects that are either in planning, under construction or recently completed.”
The freehold going concern of the Grand Hotel Bundaberg is being sold via Expression of Interest, closing Wednesday, 12 April.
