Business blossoms in Fortitude Valley

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Business blossoms in Fortitude Valley
Image Supplied - ResortBrokers

Fortitude Valley, one of the hubs of Brisbane's commerce and nightlife, takes its name from the ship Fortitude that brought a boat load of Scottish immigrants to the fledgling town of Brisbane in 1849.

The area, known more commonly these days as “The Valley” is one of the most bustling suburbs in Queensland, situated just north of Brisbane’s CBD.

One of the area’s success stories in the accommodation market is now on sale, offering investors with fortitude profits of more than $600,000 a year.

The Amelia Hotel, at 33 Amelia Street, offers affordable luxury in a 17-room boutique hotel right on the edge of the city.

Image Supplied - ResortBrokers
Image Supplied - ResortBrokers

Rooms are beautifully decorated with their own unique style and come equipped with a Smart TV, mini bar, comfortable new beds, tea and coffee facilities and air conditioning.

The hotel has a café and bar, and draws guests from around the world.

The family run boutique hotel was superbly renovated in 2016, and its convenient location offers easy access to the city’s must-see destinations.

Image Supplied - ResortBrokers
Image Supplied - ResortBrokers

It is situated between the RNA Showgrounds and Fortitude Valley railway station, and is only a two-minute walk away from each.

Nathan Eades from ResortBrokers, is marketing the property for $6,325,000.

Mr Eades said leading industry accountant, Rob McAdam of McAdam Siemon, was appointed to prepare a Profit and Loss report which presents a net annual profit of more than $600k.

He said the hotel was built on 405 square metres of prime inner city land and that there was the potential to rebuild a much taller building.

“This property is in amazing condition,” Mr Eades said. “It’s a blue chip prime brick and mortar freehold accommodation opportunity.

“At the moment there are 17 hotel rooms and a two-bedroom manager’s unit.

Image Supplied - ResortBrokers
Image Supplied - ResortBrokers

“But the potential to go up would be solid. There have already been creative drawings made of what another few stories and a rooftop area would look like.”

Mr Eades said the Amelia Hotel was suitable to be run under management or by owner-operators.

The Valley is one of the most historic areas of Queensland, replete with ornate Victorian era mansions, pubs and office buildings.

The first major schools and churches of Fortitude Valley were built in 1861 and thirty years later Brisbane’s train line was extended there from the Brisbane central business district around Queen Street.

The merchant Thomas Beirne opened a business on Brunswick Street in the Valley, and in 1898 his former manager James McWhirter established a competing drapery business opposite Beirne's.

The Beirne and McWhirter stores became keen rivals and established the Valley as a hub of commerce from the late 1890s.

McWhirter’s old department store in Wickham Street was added to the Queensland Heritage Register in 1992.

It has been redeveloped as a shopping centre and apartment building.

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