‘People’s Palace’ finds new rulers
A Salvation Army building known as the “People’s Palace” and operated as a cheap hotel for 104 years has sold for more than $2.7 million.
Townsville’s Sturt Lodge fetched $2.75 million from Cairns-based investors after an expressions of interest campaign, effectively costing them $27,500 for each of the facility’s 100 rooms.
The hotel opened as a Salvos-run low-cost accommodation venue in 1912, featuring 36 rooms, before being knocked down and rebuilt as the 100-room facility that stands today.
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The building also has a ground floor retail space that can be leased out for $15,000 per annum.
Ray White Commercial Townsville’s Graeme Russell and Adrian Pascoe facilitated the sale.
Russell says the property, which has 2600sqm of floor space on a 1900sqm-plus site, represented a sound investment opportunity and attracted considerable interest.
The property was originally developed in the 1960s by the Salvation Army and the 1911 sqm site enjoys excellent exposure
“There was very keen interest in this accommodation complex, which is producing good returns,” Russell says.
“The property was originally developed in the 1960s by the Salvation Army and the 1911 sqm site enjoys excellent exposure.”
Pascoe says the building continues to benefit from its longstanding central Townsville location.
“The building is ideally located in the Townsville city centre opposite a cinema complex,” he says.
“The property includes ample undercover and open on-site parking.”