The aptly named Grand Hotel of Bundaberg has come to market on behalf of a mortgagee in possession, shortly after closing less than a year since a major renovation.
The historic Grand occupies a large 2024sqm corner site in the centre of town, where it has been operating for more than a century.
It reopened in August 2020 following a major $1 million makeover, revitalising the main bar, restaurant, function facilities and beer garden. The pub also holds 27 accommodation rooms set up for 90 backpackers, with communal amenities.
At street level there are several retail tenancies amounting to 543sqm of high exposure on Bourbong Street. One tenancy is still in operation, while several are available.
The pub reports diverse revenue streams, across food, beverage, accommodation and the retail lease spaces.
Mid-March it announced on social media it had “Closed until further notice” despite welcoming patrons to its regular ‘Sunday Sesh’ event just two days prior.
For nearly 40 years the business was under the curation of Tomik Hotels, until the group was wound up in 2018.
The Grand’s hotel licence is currently suspended, but available with purchase.
Even with the doors closed interest is expected to be strong. The property is suited to both experienced publicans and investors and likely to sell for $3.5-4 million.
The asset is being marketed by CBRE Hotel’s Paul Fraser, who notes its viability as a passive, long term investment or freehold going concern, in Queensland’s thriving south-east and coastal market.
