139-143 Queen Street
Ayr, QLD 4807

This premium listing offers a rare opportunity to acquire one of Ayr's most iconic and historic landmarks, a former hotel and backpackers accommodation situated on a substantial 3,690 square meter freehold block in the heart of the town's central business district.

The property originally opened in 1895 and has been carefully restored and upgraded over its long history. It now operates as a stable, long-term accommodation business generating consistent returns while maintaining the charm and character reflective of its heritage value.

The building combines its rich historical significance with practical and modern facilities, including clean and air-conditioned rooms alongside dormitory-style accommodation options, catering well to budget-conscious travelers. A fully equipped, commercial-grade kitchen with cold storage, cooktops, air-fryers, utensils, and other essential appliances supports the business operation efficiently.

Additional income streams are derived from a ground floor tenant leasing the well-established Chill Café premises, which adds to the asset's overall value and appeal for investors.

Extensive compliance and upgrade works have been professionally completed to ensure the property meets current operational standards, including fire and safety requirements. These upgrades reduce risk for potential investors and provide peace of mind about the asset's long-term viability and security.

For those interested in future development opportunities, the property holds a current Development Approval for conversion into 25 fully serviced units. This presents significant potential for future capital growth or repositioning by expanding accommodation capacity or repurposing the site.

Key features of the property include:

• Consistent gross accommodation income in the range of $12,000 to $15,000 per month
• Supplementary monthly lease income of $3,860.60 from the Chill Café
• Current pricing reflects low occupancy levels with substantial upside to increase rental income
• Freehold ownership of the 3,690 square meter land parcel in the CBD of Ayr
• Completion of major compliance upgrades covering fire, safety, and operational reinstatement
• Development Approval for 25 fully serviced units, highlighting great redevelopment potential
• Comfort features such as air conditioning or ceiling fans in all rooms
• Six well-maintained bathrooms and clean dormitory-style accommodation facilities
• Commercial-grade kitchen amenities including cold room and cooking appliances
• Open-plan common areas combined with outdoor picnic spaces to enhance guest experience
• Laundry facilities with lockers and weekly linen service to support operations

This property represents a solid, income-producing freehold investment with the added charm of heritage value, modern compliance to current standards, and exceptional potential for future uplift through redevelopment or business growth. Properties of this calibre that combine historical significance with contemporary functionality and investment security are uniquely positioned in the market.

Prospective purchasers are advised to conduct appropriate due diligence before purchase. The listing and descriptions exclude agent-specific contact details and agency branding to maintain professionalism and focus on the assets and opportunity presented.