Townsville’s Sturt Lodge Sold for $2,725,000
A landmark Townsville accommodation building originally developed by the Salvation Army as ‘The People’s Palace’ has been sold by Ray White Commercial Townsville for $2,725,000.
The five-storey ‘Sturt Lodge’ at 287 Sturt Street, Townsville, was sold to Cairns-based investors by Ray White Commercial Townsville’s Graeme Russell and Adrian Pascoe.
Graeme Russell said the Expressions of Interest campaign for the 2600 sqm building, which includes a freehold 100 room budget hotel, attracted a strong response.
“There was very keen interest in this accommodation complex which is producing good returns,” Mr Russell said.
“The property was originally developed in the 1960s by the Salvation Army and the 1911 sqm site enjoys excellent exposure.
“The successful purchasers are Cairns-based investors.”
Adrian Pascoe said the building also includes a ground floor retail tenancy available to lease for $15,000 per annum.
“The building is ideally located in the Townsville city centre opposite a cinema complex,” he said.
“The property includes ample under cover and open on-site parking.”