The auction of one of Rockhampton’s most beloved hotels has achieved a “good result”, with locals triumphing over a room of registered bidders.
The hammer fell in Brisbane’s Eagle Street auction house this morning, ushering new owners to the historic Heritage Hotel for $1.4 million.
The 110-year-old hotel fell into strife and closed the doors back in March, with owner Will Fowles citing the accumulated effect of drought, falling coal prices and Cyclone Marcia.
Fowles had owned the pub since 2005 and undertook a major renovation to invigorate the three-level country town icon into a strong mixed-use business.
Receivers FTI Consulting were appointed, and after assessment and trading stabilisation Ray White Hotels was engaged to undertake a comprehensive marketing plan to auction the property.
“The hotel was extensively refurbished in 2005, and comprises three bars, a gaming room with 14 EGMs, function rooms, a manager’s residence and office areas, a restaurant with a commercial kitchen and 20 accommodation rooms,” said Ray White’s Leon Alaban, who marketed the property in conjunction with colleague Brent McCarthy.
“The auction saw local and interstate hoteliers, locals and even overseas investors vie for the property. Overall there was competitive bidding in the room, leading to a good result.”
The new owners have not announced intentions yet, and plans regarding reopening the hotel or modifying its format will be subject to assessment by regulators.
For more on 2015 pub transactions, see PubTIC’s latest magazine for the ultimate pub real estate run-down. Click here to view online.
