Expressions of interest sought in sale of Townsville’s Exchange Hotel
A fixture of Flinders St East since the 1800s, an iconic Townsville venue has been put on the market. Here’s who is likely to snap it up.
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Townsville’s iconic Exchange Hotel building has been listed for sale in a market campaign that was expected to attract a feeding frenzy of southern investors.
Featured among Townsville City Council’s places of cultural heritage value, the Exchange Hotel was originally built at 151 Flinders Street East in 1869.
After it was destroyed by fire in 1881, Townsville pioneer Andrew Ball set a new standard for hotel construction in the city by rebuilding Exchange Hotel with bricks in 1882.
A veranda was added to the upper level in the 1890s, and major alterations were made in the 1980s, before an ambitious $3.2m refit and refurbishment was undertaken in 2010.
According to CoreLogic, the hotel was previously sold for $2.7m to L P Investments Pty Ltd and WMO Exchange Pty Ltd in February 2008.
Located in the heart of the entertainment precinct, the Exchange Hotel’s ground floor has been leased by Heritage Exchange for seven years, while upstairs, Showbar Townsville’s lease has continued for almost 11 years.
Spearheading the expressions of interest marketing campaign, Colliers associate director Angelo Castorina said the strength of Townsville’s property market was the main factor behind the owners’ decision to sell.
“They see this as an opportunity to take the asset to the market in its current condition,” Mr Castorina said.
“The inquiry from southern investors is still strong, notwithstanding what’s happening with interest rates, it just doesn’t seem to be having any effect on that facet of the market in terms of demand.
“Demand is strong. They’re looking for passive investments and this ticks those boxes … so we are expecting a good outcome.”
He described the level of interest in the days since the campaign began as “fairly pleasing”.
“It’s one of the better known venues in that precinct, because of the fact that they’ve got two venues there that do very well,” he said.
“They’re just straight bars, it's the basics (but) the Heritage Bar downstairs has a small brewery facing out onto the beer garden at the rear.
“You don’t see too many of those in any of the venues in Townsville.”
Expressions of interest close on March 14.
For more information visit colliers.com.au
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Originally published as Expressions of interest sought in sale of Townsville’s Exchange Hotel
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