Popular Toowoomba hotel leasehold sold by Ray White Commercial
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Popular Toowoomba hotel leasehold sold by Ray White Commercial
The leasehold of Toowoomba hospitality institution, The 5 Ways Hotel, North Toowoomba, has been sold through Geoff Percy Ray White Commercial Toowoomba.
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Ray White Commercial ToowoombaThe 5 Ways Hotel at 2 North Street, Toowoomba
During this time of uncertainty from COVID-19, one of the most affected sections has been the hotel industry, which has experienced closures, reduced staff and limited or no dine-in customers.
Despite these factors, Geoff Percy, of Ray White Commercial Toowoomba, has had increased enquiries around purchasing such assets, recently leasing the 5 Ways Hotel at 2 West Street.
Mr Percy said that while he had received enquiry on properties from Melbourne and New South Wales, buyers had been frustrated by the restrictions on state borders, which had prevented inspection.
At a glance:
- The 5 Ways Hotel at 2 West Street, Toowoomba has been leased through Geoff Percy of Ray White Commercial Toowoomba.
- The hotel has a public bar, dining room, gaming room, TAB outlet and Keno, as well some accommodation upstairs and a drive-through bottle department.
- The new tenant plans to operate the venue as the 5 Ways Hotel.
“Some hotel owners are using this time of closure to refurbish their properties while others are looking to get into the industry," he said.
“This lease for the 5 Ways Hotel was signed with Michael McDonald, who plans reopen the venue under its previous name."
Ray White Commercial Toowoomba's Geoff Percy out the front of the 5 Ways Hotel. Source: Ray White Commercial Toowoomba
One affect COVID-19 has had on the sale of hotels is uncertain returns from these properties with restricted clientele and gaming machine revenue zero at the moment.
Mr Percy said buyers were keen to make purchases but trading would take some time to recover to pre-COVID levels.
“There is life after COVID-19 and commercial players are using this time to take advantages of good deals in the market and be ready to hit the ground running when the new normal starts”.
"I have three other parties still looking to lease a hotel, so if anyone has a hotel lease available please feel free to contact me."
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