Former Cambridge Hotel site on the market for expressions of interest
The property, on two titles, has huge potential with the opportunity for pedestrian bridge access over the laneway.
Rockhampton
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A private rooftop entertainment area, retirement lifestyle accommodation, medical facilities or a pool are just some of the options possible for the vacant block of land which once housed the Cambridge Hotel in the Rockhampton CBD.
The property has been put on the market this week, for the first time in 23 years, through expressions of interest.
The listing is for two titles, 3 Cambridge Street which has a land area of 1163 sqm and 71-77 Bolsover Street with 2034 sqm.
The Cambridge Hotel closed suddenly in June 2015, putting 20 people of work.
The building was demolished in November of the same year and is now used as a dirt carpark by CBD workers.
The sites were last valued in June 2020 and are worth a combined $995,000, however this is a government unapproved land value.
The blocks are zoned as commercial vacant urban land.
The two sites last sold in 1998 with the Cambridge Hotel parcel for $1.85 million and the other title for $150,000 to a private Sydney-based company, RAP Investments.
The Cambridge Hotel was owned by Zilzie property mogul Chris Dadson for seven years in 90s.
Agent representing the property, Peter Comino of Comino Commercial Brokers, said it was quite a unique property with a lot of floor space to be realised between the two titles.
There is an opportunity for a developer to create a space with a bridge above the laneway across the two sites.
“It has a dual benefit due to the laneway access in between the projects … it allows you to design something with a user friendly access,” Mr Comino said.
“The lane gives it another facet of design.
“Some very simple but imaginative planning and design.
“The property lends itself to something superior for regional Queensland.”
Being close to the riverbank, a multi-storey building on the site would capture river views.
“A rooftop recreation area will give you breathtaking views of the city and surrounding,” Mr Comino said.
“It lends itself to numerous businesses … Indoor bowls, sauna, billiard room, library … even a space for yoga, pilates and exercise.
“It’s so central to sporting grounds, restaurants, shopping centre, just a lovely stroll up to our new attraction, the Rockhampton Museum of Art.
Rockhampton Regional Council is also offering some “generous incentives” at the moment for developers.
“I’m expecting anyone that has any nous or ability to pick up on an opportunity that is rare,” Mr Comino said.
Expressions of interest are due to close on October 14.
Contact Mr Comino for more information.
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