22 Cascade Road, South Hobart, Tasmania
Iconic Cascade Hotel - Strong yield with exciting development possibilities (STCA)
SOLD
Business Description
Knight Frank is proud to present for sale the prime investment opportunity of the Cascade Hotel, South Hobart.
This well known high profile hotel is located adjacent to St Johns Hospital in South Hobart, 2 kms* from the Hobart CBD.
The hotel has a long history of successful trading and has no hotel competition in this highly popular/high income suburb, and provides a significant future development or land bank opportunity.
Includes a public bar, dining area, drive-in bottleshop, beer garden, four apartments, large managers residence and plenty of on-site parking.
The ground floor has been recently renovated and refurbished. The site contains two titles with a total land area of 3,007 sqm* and street frontages to both Cascade Road and Wentworth Street.
Development possibilities firstly include the addition of further accommodation units between the hotel and St Johns. Hospital boundary (STCA), or alternatively develop the existing beer garden into a much better facility.
Secondly, the large car park at the rear could include an infill housing development which is a priority for the Hobart City Council - to alleviate the drastic shortfall.
Thirdly, the large first floor residence (265sqm) could be developed into the function rooms, accommodation, or further dining options.
*Approx
Business Summary
Key Investment Insights
1. Prime investment opportunity in a highly popular and high income suburb of South Hobart.
2. No hotel competition in the area, providing a strong market for the hotel.
3. Long history of successful trading.
4. Potential for future development or land banking.
5. Includes a public bar, dining area, drive-in bottleshop, beer garden, four apartments, large manager's residence, and on-site parking.
6. Recently renovated and refurbished ground floor.
7. Two titles with a total land area of 3,007 sqm* and street frontages to both Cascade Road and Wentworth Street.
8. Potential for further accommodation units or development of the beer garden (STCA).
9. Possibility of an infill housing development in the large car park at the rear.
10. First floor residence (265sqm) could be developed into function rooms, accommodation, or additional dining options.
11. Close proximity to St Johns Hospital and 2kms* from Hobart CBD.
12. Large potential for growth and expansion in a thriving market.
13. Priority for infill housing development by Hobart City Council.
14. Exciting opportunities for development and expansion with strong yield potential.
15. Iconic and well-known hotel with a strong reputation in the community.
