Sydney, 27 June 2016- CBRE has been exclusively appointed to sell the Imperial Hotel, one of Tamworth’s favorite properties and one of the city’s best development opportunities for 2016.
The hotel occupies a prominent 2,311sqm corner site with significant exposure to the Oxley Hwy at the junction of Brisbane and Marius Street. The property is strategically located opposite Tamworth Train Station and is close to the Centrepoint & Atrium Shopping Centre – Tamworth’s premier retail centre, offering incoming purchasers the ability to capitalise on significant foot traffic in the immediate vicinity.
CBRE Hotel’s Ben McDonald and Xavier Rahme are set to offer the hotel for sale via an Expressions of Interest Campaign set to commence on Saturday 18th June 2016.
Mr McDonald said they are selling the site as a ‘freehold going concern’ as it provides existing operational income but is also ideal for development.
“The Imperial Hotel site will appeal to a variety of buyers including private hotelier’s, commercial property investors and developers looking to capitalise on what is a significantly underutilised site, with the ability to purchase the hotelier’s license and ten Poker Machine Entitlements separately if required,” Mr McDonald said.
“Whilst the Imperial Hotel has a long and colorful history, the demand for quality regional pubs with significant development upside is very evident in the market,” Mr McDonald added.
Xavier Rahme, part of the CBRE Metropolitan Investments and Development team is bullish on the prospects of the hotel site noting; “The favorable zoning and planning controls on the property allow over 9,300sqm of gross floor area (GFA). Prospective purchasers will be attracted by the variety of permissible uses and flexibility under the current ‘mixed use’ zoning.”
Mr Rahme continued; “The precinct that the Imperial Hotel sits in acts as a base to the commercial core of Tamworth’s CBD. This is supported by the nearby presence of Tamworth’s transport interchange, Capitol Theatre and major Atrium Shopping Centre – all of which are key landmarks within the CBD.”
Longtime owner Matthew Zell sighted favorable market conditions in both the hotel and development space and the family’s desire to move into alternate investments as the catalyst for selling the hotel he’s operated for close to ten years.
“We are thrilled to be taking the property to market at what we consider to be the perfect time. We have always considered the property to be a longer term development site given its specific attributes and premium positioning within the CBD,” Mr Zell said.
The national Expressions of Interest campaign is scheduled to close at 5pm Tuesday 12th July 2016 with CBRE expecting significant enquiry.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.