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: The Cornwall Hotel is located in the CBD of Launceston, making it a desirable and convenient location for guests.
2. Long-Term Lease: The leasehold interest for the Cornwall Hotel is available until 2049, providing a long-term investment opportunity.
3. Rich History: The Cornwall Hotel has a rich history dating back to 1822, adding to its charm and appeal for guests.
4. National Trust Classification: The property is classified by the National Trust of Australia, adding to its historic significance and potential for marketing.
5. Dual Income Streams: The Cornwall Hotel currently generates income from both a 3-star hotel and permanent accommodation for farm workers, providing multiple revenue streams for the new owner.
6. Strong Contracts: The hotel has two strong contracts in place, guaranteeing permanent accommodation income from July 2022.
7. Large Capacity: The hotel offers a total of 40 rooms with 154 beds, making it well-suited for large groups or events.
8. Manager's Residence: The Cornwall Hotel also includes a manager's residence, providing on-site accommodation for the owner or manager.
9. Potential for Expansion: The hotel would be a great opportunity for an owner-operator or hotel management group looking to expand into the Launceston CBD accommodation market.
10. Tightly Held Market: The Launceston CBD accommodation market is tightly held, making the Cornwall Hotel a rare and valuable investment opportunity.
