Ipswich's newest nightspot on the market for tenth time
HOTEL Metropole is on the market for the tenth time in the past two decades, with price hopes of $1.5 million.
The historic building, currently named Ipswich Central Hotel at 253 Brisbane St has just hit the market through Brisbane-based commercial property agency, JLL.
Executive metropolitan sales and investment agent Andrew Havig said he expects with renewed interest in Ipswich's nightlife, the property will sell very well.
"On the back of leasing it now to a good tenant who's trading it well and has refurbed the hotel, the owners are now looking to capitalise where that asset's at - it's in a really attractive position,” he said.
The hotel sits on a 578sq m inner-city block and features two floors, a modern bistro, an outdoor cafe, the beer garden as well as a lounge bar and nightclub.
"With the renewed interest in the nightlife there it's trading really well,” Mr Havig said.
"Other than that it's been a good investment since it was purchased, it's in a great spot close to the train station.
"The refurbishment of the bar and the bistro has taken it to another level.”
Mr Havig said the high-profile location on Brisbane Rd, as well as a net income of about $88,000 per annum will have a broad appeal to buyers and potentially garner Sydney and Melbourne interest.
"I think they think it represents a good passive investment for Brisbane, Ipswich and even interstate buyers,” he said.
"We've had a couple of good enquiries from Sydney and Melbourne private investors. There's definitely interstate interest, we're expecting it to sell in the mid-$1 million range.”
The hotel is on the market by way of expressions of interest. According to CoreLogic RP Data the hotel has peaked and troughed in value over the past two decades with six sales and four campaigns in past 20 years.
It last sold in 2014 for $1.05 million. Only three years prior it sold for $1.6 million, and in 2006 sold for a cool $2 million. In 2004 the hotel sold for $550,000 and in 1991 sold for $1 million.
Hotel Metropole closed in 2017 and about six months later opened as Johnny Ringo's. However the country music themed honky-tonk bar barely lasted nine months before closing its door.
The hotel's latest incarnation, the Ipswich Central Hotel opened in June. The historically and architecturally significant building was designed by renowned architect George Brockwell Gill and was built in 1906.