The freehold interest in Spring Hill Terraces Motel & Apartments has been snapped up, highlighting the suburb’s recent accommodation market prosperity.
CBRE Hotels’ Associate Director Hayley Manvell steered the off-market transaction on behalf of the locally based owners.
The three-star motel will continue to be operated under a long-term lease agreement. Located approximately 1.5km from Brisbane’s CBD, the property is situated on a large 1,672sqm freehold land parcel and comprises 29 accommodation rooms, swimming pool and guest parking.
With the 2032 Brisbane Olympic Games and both the Men and Women’s Rugby World Cups swiftly approaching, sentiment in Brisbane’s accommodation market is seeing sustained robust growth.
“Brisbane is currently outperforming all other major markets in terms of rate and occupancy growth, with the market benefitting from incredible pent-up demand from a domestic leisure, business, and conferencing perspective,” Ms Manvell said.
“In the short to medium term, we expect this trend to continue with occupancy levels and rates increasing.”
Ms Manvell noted that Olympics infrastructure developments will only add to the impressive existing pipeline of major projects in Brisbane including the Queens Wharf Precinct, Cross River Rail, Brisbane Live and Brisbane Metro.
“We are fielding daily enquiries from investors seeking to get a foothold in Brisbane, as they see this as a market which will continue to record incredible capital growth.”
This has included renewed interest in Spring Hill area, with the latest deal following the sales by CBRE Hotels of the nearby Mantra Terrace Hotel and the Best Western Gregory Terrace.
“The continued interest in Spring Hill demonstrates that forward thinking investors are realising the high capital appreciation potential in the area given its proximity to the city,” Ms Manvell added.
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