Rockhampton Plaza Hotel sells for $5.75 million in competitive court-appointed auction led by Vincents, Lloyds Auctioneers and Ray White

The former Rockhampton Plaza Hotel has sold under the hammer for $5.75 million, delivering a strong outcome for one of Central Queensland’s most prominent CBD redevelopment sites.

The sale attracted strong national and international interest, with bidding commencing at an online reserve of $1 in the lead-up to the campaign, before opening at $3.05 million at the live auction on 21 May 2026, ultimately selling significantly above initial expectations within 30 minutes.

This landmark 4,047m² commercial-zoned CBD site attracted strong competitive bidding and was sold on an ‘as-is’ basis to an anonymous buyer described as a “Rockhampton enthusiast” for long-term investment.

The seven-storey, 66-room former hotel site was sold under statutory trustee instructions by Vincents Restructuring & Recovery Director Nick Combis, acting under appointment by the Federal Circuit and Family Court of Australia.

“Today’s result is a very strong outcome for what was a complex statutory sale process,” Mr Combis said.

“From the outset, this was an asset that required careful management, clear communication and a disciplined approach to market execution.”

“What we are pleased with is not just the sale itself, but the way the process was structured to ensure transparency, broad market engagement and ultimately strong competitive tension on the day.”

“To see that translate into a result well above expectations is a credit to the collaboration between all parties involved and it reflects what can be achieved when legal process and commercial execution are properly aligned.”

The campaign was delivered in partnership with Ray White Real Estate and Lloyds Auctioneers and Valuers, bringing together complementary buyer networks and auction capability to maximise national and international reach.

Lloyds Auctioneers and Valuers Chief Operating Officer Lee Hames said the property’s prominence within the Rockhampton CBD made it a highly visible and strategically significant asset from the outset.

“What was immediately clear was how significant this site was to the Rockhampton community, given its location and visibility to every visitor entering the city,” Mr Hames said.

“It had been vacant for more than five years and, in its condition, presented genuine safety concerns due to long-term deterioration.”

Mr Hames said the asset presented unique marketing challenges and required a highly information-led campaign due to restricted access and the condition of the building.

“In terms of comparable transactions, this was a very unique sale. We had to secure and board the property as it wasn’t safe for standard inspections, so we provided extensive information to the market instead,” he said.

“Early indicators suggested the result would likely sit in the mid to low $3 million range,” he said.

The final result exceeded early expectations and reflects the strength of a strategic approach in a statutory trustee sale, combining Lloyds’ national database with Ray White’s established commercial property networks.

Mr Hames also acknowledged the role of Vincents in shaping the early structure of the campaign and coordinating a clear, commercially focused sales strategy.

“Nick and the Vincents team brought a very clear and practical approach to what was a complex statutory sale,” he said.

“Their coordination and willingness to engage a broader auction platform like Lloyds, alongside Ray White, ultimately helped unlock the right buyer pool and deliver a strong outcome.”