Silverstone Developments reveals medical and retail future for Spring Hill’s International Hotel

An inner city pub, which closed down earlier this year, has been bought by a developer with big plans — and they’re nothing to do with drinking.

The International Hotel, Spring Hill, after it went to market.

AN inner city pub, which closed early this year, is in line to have a medical future.

Silverstone Developments paid $5 million for The International Hotel site at 525 Boundary St, Spring Hill, after a campaign by CBRE’s Darren Collins and Paul Fraser on behalf of a private syndicate.

As The International Hotel closes this weekend, Archer Brewery thinks of its future

Birdsville Hotel is on the market, with expectations of international interest

Silverstone managing director Troy Daffy said the property’s emerging location was a key attraction.

“The site is opposite the St Andrews War Memorial Hospital in a strong education precinct, which is also benefiting from a growing residential population,” he said.

“Given the property has substantial built improvements and a large on-grade car park, it’s likely that the building will be repositioned in the near term with retail or medical users.

“A long-term play would be of a larger medical or commercial development given the hospital use directly adjacent.”

CBRE's Darren Collins and Paul Fraser at the former International Hotel in Spring Hill which has already had some work done on it.

The current planning code for the 1745 sqm site allows for a development of up to 10 storeys, with flexible design parameters for retail, commercial, medical and residential/aged care.

Mr Collins said the campaign generated over 67 inquiries, mostly from active investors looking to reposition the property, as well as developers and land bankers interested in the counter cyclical opportunity to acquire a near city site.

“Astute groups are capitalising on opportunities to acquire future development sites in the near city market while the high-density residential market recalibrates,” he said.

“These parties are acquiring sites with a view to repositioning them for alternate uses that generate an income in the short to medium term while Brisbane’s infrastructure transformation continues.”

Mr Fraser said the recent activation of the long-awaited Spring Hill Neighbourhood Plan was a major draw card for prospective purchasers given the property’s significant street frontage.

“It became very obvious from the campaign launch that the highest and best use for the asset was not as a hotel, but as a development site,” he said.