Rockhampton’s Cosmopolitan Motel and Malaysia House restaurant complex has been sold to an interstate investor for $4.6 million.
Located in the heart of Rockhampton on the Bruce Highway at 50 Bolsover Street, the new owner saw substantial upside with the large 3,021 sqm property zoned to 6 levels. It was sold on a 7.4 per cent yield.
The off-market sale was facilitated by Ray White Commercial QLD father and son team Stephen Kidd and Elliot Kidd. The existing owners had originally built the hotel and retained it as an investment since 2001.
“Beautifully presented, this quality investment asset was sold with a WALE of almost 5 years and a net income of approximately $340,000,” Stephen Kidd said.
“The Cosmopolitan Motel and Apartments occupy almost 90 per cent of the building and have been operating on site since the property’s completion in 2001. It is now leased to an international tenant with a hotel/motel presence around south east Asia. Aside from the two years of COVID, the business has seen an average growth in income by approximately 2 per cent per annum.
“Malaysia House is a restaurant located on the ground floor of 50 and 52 Bolsover Street and occupies 12 per cent of the total GFA. Malaysia house has been successfully trading in location for over eight years and just recently re-signed for a new 5 + 5-year lease.”
“I was often approached by owners looking to lease some final vacancies in their buildings, before putting the property to the market. Fortunately, Stephen and I offer a retail leasing and sale service. It’s a sensible way to maximise their selling price which makes use of our extensive retail tenant database, particularly now that retail tenants are looking to expand once again,” Elliot Kidd said.
HIGH-RES IMAGES HERE
Media contacts:
Stephen Kidd
Salesperson
Ray White Commercial QLD
0413 550 474
stephen.kidd@raywhite.com
Elliot Kidd
Salesperson
Ray White Commercial QLD
0407 696 738
elliott.kidd@raywhite.com
Nina Clarke
Media Team
Ray White Group
0448 841 606
nclarke@raywhite.com
