Vacant land in CBD sells after two years on market
AFTER two years, the vacant lot which used to be home to the Imperial Hotel has finally sold.
The prime Railway Street address in Gatton's central business district sold for $715,000 to PK Development Holdings Pty Ltd.
Previously, the 1882m2 title last sold in August 2013, for $643,696 and sold for nearly $1.3 million in 2005.
The land formerly accommodated the Imperial Hotel, which was licenced to serve food and alcohol.
Lockyer Valley Chamber of Commerce and Industry president Paul Emmerson said it would be good to see any new development in town.
"I'd like to see some viable business that helps provide goods and services to the district is most welcome,” Mr Emmerson said.
Local member for Lockyer Jim McDonald was optimistic about the sale.
"There are a lot of exciting things happening in Lockyer,” Mr McDonald said.
"This is another indication investors see the opportunity we have here.”
The Imperial Hotel was destroyed by a fire on November 5, 2015.