Four-Star, 66 Key Serviced Apartments in Brisbane For Sale

By Dev Anand | 29 October 2019

Location: South Brisbane, 900 metres from Brisbane Convention Centre, South Bank, Queensland, Australia

Names: Menso at Southbank

No. of Keys: 66 studio, one and two bedroom suites

The Property: Opened in 2016, the 4 star hotel features 66 keys comprising studio (48) apartments, and One (6) and Two (6) Bedroom Suites. The Hotel features Cafe Menzo and Suzy’s Bar, 4 function rooms, rooftop swimming pool, Gym and parking for 36 cars.

Typical kitchen at Menso

The property is set in an idyllic position in South Brisbane, within 900m of Brisbane’s Convention & Exhibition Centre, South Bank Train Station and South Brisbane’s vibrant bar and restaurant precinct.

Throughout its establishment phase, the Hotel has achieved strong occupancy levels and continual growth in average daily rates; demonstrating its excellent guest offering and favourable location.

The property was designed and constructed to be strata titled. This allows the eventual owner the opportunity to consider the undertaking a formal strata-subdivision, and then sell down the
individual apartments whilst retaining or selling the lucrative Management Rights.

Alternatively, a conversion to residential use could also be pursued. Strata-subdivision and residential conversion is subject to obtaining all necessary consents and approvals.

Land size: 888sqm.

Expression of Interest: By 4pm Brisbane time, November 12th. EoI details available from THPT

Main Photo: The Menso at Southbank

Tenure: Freehold

Brand/Management: Free of both

Current Owner: Private company

Financials: ADR around AUD$150; Occupancy: 2018 – 53%; 2019 – 39.6%; EBITDA 2019: AUD$1.4m. Further information available upon signing of NDA

Agent: HTL Property in partnership with THPT

Guide Price: AUD$18m – 20m

Guide Price per Key: AUD$290,000

Date Posted: October 2019

THPT Comment: Great opportunity to get into the serviced apartment sector in well-located, well-maintained operation in Brisbane, with much upside on occupancy and ADR.

Contact us for further information

This is a new feature on the THPT site…. Hotel & Serviced Apartment owners can be naturally reticent in publicising their property is for sale…for confidentiality reasons, for staff and current client reasons, so the properties featured in this section will either be “generic” or “name specific”

Each fortnight we mail the opportunities posted that week, but check-out the tab “Hotels Available” and call us for details of “Under the Table” – deals not posted on the site at all

The Hotel Property Team (THPT) is a small group of highly experienced business professionals. Between us, we provide a range of skills and experience which is directly relevant to those involved in the hotel property market.

For more information – Visit www.thpt.co.uk or email [email protected].

MISREPRESENTATION ACT 1967. This information is provided as a general guide and is not intended to be constructed as a statement of fact upon which interested parties can rely. All interested parties should make their enquiries by inspection or otherwise. Neither The Hotel Property Team (trading name of Impetus Marketing 2006 Ltd) nor any person in our employment has the authority to make, give or imply any representation or warranty whatsoever relating to the premises referred to in these particulars. These details do not constitute any offer, contract or any part thereof and all negotiations relating to the premises should be conducted through THPT.

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