BUSINESS SOLD: Toolooa St motel snapped up for $620k
A TOOLOOA St motel that once provided rooms for Jimmy Barnes and Mal Meninga is set to reopen under new owners.
Toolooa Gardens, which has been closed for more than a year, sold for $620,000 following a six-week expressions of interest campaign.
Knight Frank commercial sales partner Ron English said there were more than a dozen applications to buy the 16-room, three-villa property with the majority of interest coming from people outside Gladstone.
Mr English said the motel was sold to a local person who plans to renovate and reopen.
"It's great that it's gone to a local, it shows there's a bit more confidence in town," Mr English said.
The property was put on the market by receivers FTI Consulting in April.
It was the second time it has been listed for sale in two years, with attempts to sell in 2016 unsuccessful.
Former owner Mary Moore purchased the property with her late husband when it was a caravan park in 2002 and rebuilt it into the motel.
Ms Moore told The Observer in 2016 that the motel had guests from all walks of life, from FIFO workers to celebrities, including Jimmy Barnes, Dick Smith, Ian Moss and Mal Meninga.
Mr English said the motel's sale came amid an increase in commercial property sector sales in Gladstone.
In June, 40 Toolooa St, which was formerly a service station, sold for $320,000. The new owners have applied for a development application to rebuild and reopen the service station.
In July, 46 Toolooa St, a block of stores near the motel, which includes Keycut Services, sold for $475,000.
In Gladstone's CBD the former RSL at 7 Goondoon St and the surrounding land sold for $890,000 in July.