Launceston, Tasmania
Cornwall Hotel Leasehold
SOLD
Business Description
Knight Frank are pleased to offer for sale the leasehold interest in the Cornwall Hotel.
The Cornwall Hotel offers a great opportunity to acquire a long term leasehold of an accommodation facility in the CBD of Launceston with options through to 2049.
Ideally situated in the city centre, the Cornwall Hotel has a rich history serving Northern Tasmania since 1822.
The property is one of Australia’s oldest and most historic hotels having been built in 1822 and was the founding place for the City of Melbourne.
It is classified by the National Trust of Australia and is listed on the Tasmanian Heritage Register.
Currently enjoying dual income streams from operating as a successful 3 star hotel & permanent accommodation/ meals area for farm workers.
Two strong contracts are in place guaranteeing permanent accommodation income from July 2022.
Offering a total of 40 rooms with 154 beds plus a managers residence the Cornwall Hotel would suit an owner operator or hotel management group looking to expand into the tightly held Launceston CBD accommodation market.
Business Summary
Key Investment Insights
1. Prime location in the CBD of Launceston, offering easy access to all amenities and attractions in the city.
2. Long term leasehold opportunity with options through to 2049.
3. Rich history dating back to 1822, making it one of Australia's oldest and most historic hotels.
4. Classified by the National Trust of Australia and listed on the Tasmanian Heritage Register.
5. Dual income streams from operating as a successful 3 star hotel and permanent accommodation/meals area for farm workers.
6. Strong contracts in place guaranteeing permanent accommodation income from July 2022.
7. Total of 40 rooms with 154 beds, making it a sizable and profitable business.
8. Includes a manager's residence, providing the opportunity for an owner-operator to live on site.
9. Suitable for an owner-operator or hotel management group looking to expand into the tightly held Launceston CBD accommodation market.
10. Potential for further growth and development with the right management and marketing strategies in place.
