The Cosmopolitan Motel and Malaysia House restaurant complex sells for $4.6 million

A Rockhampton motel and restaurant complex has sold for $4.6 million for the first time since it was built more than 20 years ago. Here’s what we know.

Rockhampton’s Cosmopolitan Motel and Malaysia House restaurant complex has been sold to an interstate investor for $4.6 million. Picture: Contributed

A Rockhampton motel and restaurant complex has sold for $4.6 million for the first time since it was built more than 20 years ago.

The Cosmopolitan Motel and Malaysia House restaurant complex at 50 Bolsover Street was built by the existing owners and retained as an investment since 2001.

Malaysia House at 50 Bolsover Street, Rockhampton. Picture: Contributed

This was the first time the property had been on the market.

The new owner, an interstate investor, saw substantial upside with the large 3021 sqm property zoned to six levels.

The property was sold off-market on a 7.4 per cent yield.

The Cosmopolitan Motel and Apartments. Picture: Contributed

The sale was facilitated by Ray White Commercial Qld father and son team Stephen and Elliot Kidd.

Elliot Kidd said the new owner intended on leaving things as they were with the existing businesses leases still with many years to go.

He said a majority of the interest in the property came from their database.

The Cosmopolitan Motel and Apartments. Picture: Contributed

Stephen Kidd said the property was sold with a weighted average lease expiry of about five years and a net income of about $340,000.

“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,” he said.

“It is now leased to an international tenant with a hotel/motel presence around south east Asia.

Rockhampton’s Cosmopolitan Motel and Malaysia House restaurant complex. Picture: Contributed

“Aside from the two years of Covid, the business has seen an average growth in income by about two 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 the location for over eight years and just recently re-signed for a new five year lease with a five year option.”

Elliot Kidd said the Cosmopolitan Motel and Apartments had signed a five year lease with three lots of five year options.