REVEALED: What's in store for the Savoy Hotel?

Development plans revealed as Savoy Hotel sells at auction

The old Savoy Hotel on William St will be acutioned this weekend. Picture: Contributed

NEW retail stores could open their doors in William St in the near future following the sale of a prime slice of Rockhampton CBD real estate over the weekend.

At an auction on Saturday, Kas Woch Real Estate successfully sold the former Savoy Hotel on the corner of William and Alma Sts for close to $400,000.

Kas Woch Real Estate principal Kas Woch said while the auction didn't leave attendees on the edge of their seats, it was a great success.

"We had about 15 people attend the auction but of those there was only two registered bidders," Mr Woch said.

"Both of the bidders were local and we did get to the reserve and the building was sold. The sellers were pleased."

Mr Woch said the generous 1253m2 property, which has been on the market through several different agents since July 2015, was sold to local businessman Wayne Daniels for $382,500.

"He plans to create some more shops along William St. The real benefit of the property is the large amount of on-site parking available," he said.

Mr Daniels, whose family has lived in the Rockhampton region for many years, said historical ties attracted him to the property.

"We've been associated with that area for a long time now," Mr Daniels said.

"My wife was at a pharmacy next door to the building for 75 years so when the Savoy popped up we decided to have a look."

Mr Daniels said in the New Year, refurbishments would begin at the building to 'bring it back up to standard'.

Originally published as REVEALED: What's in store for the Savoy Hotel?