A long-standing motel on Kingsford Smith Drive at Hamilton in Brisbane has been sold.

The 25-room Kingsford Riverside Inn was built in 1957 and has been owned and operated for the past 17 years by a local Brisbane couple who are now heading for retirement.

The freehold motel property was sold to a private Sydney-based buyer in a deal negotiated by Nic Simarro of Savills Hotels and Tim Packman of Savills Commercial Sales.

Details of the sale were not disclosed but the property is believed to have traded for approximately $2.5 million.

Mr Simarro said the Kingsford Riverside Inn property attracted a high level of buyer enquiry due to its prominent high-exposure location on Kingsford Smith Drive, a key gateway entry into Brisbane.

He said the property is strategically positioned just 10km from the Brisbane Airport and 4km from the Brisbane CBD.

“Given the location, substantial landholding and favourable zoning, the property provides excellent medium-term redevelopment potential,” Mr Simarro said.

Set on a large site area of 663sq m at 114 Kingsford Smith Drive at Hamilton, the Kingsford Riverside Inn comprises 25 rooms, a manager’s residence, an administration/reception area, guest laundry, underground car parking and kitchen area. The 3 Star rated motel is also conveniently located opposite a 24 hour service station.

Mr Packman said the riverside setting provides commanding panoramic views of the Brisbane River.

He said the site is prime for repositioning as it is zoned ‘High Density Residential (Up to 8 Storeys)’ and provides a high-profile opportunity for future redevelopment, subject to Council approval.

“The underlying land rich nature of the site presents great flexibility in future uses to capitalise on the high level of infrastructure and development activity in the surrounding area,” Mr Packman said.

“Sites such as this are very rare and highly sought-after in Hamilton which is experiencing a major wave of new development, including the strategic widening of Kingsford Smith Drive and continued mixed-use development at the Portside and North Shore precincts.”