January 27 2018
Update November 4 2018: Investment website for the Federal Hotel no longer exists.
Last year readers may of heard around town that there are plans to put a cinema in the Federal Hotel.
If you haven’t heard about it, they want to put a 60 to 80 seat cinema inside the Hotel building but that’s not all they want restaurants put in there and even bed and breakfast accommodation
If you got $2,500 you can even invest in the plan, they are chasing $1.5 million, they already got $400,000 and investors have so far put in somewhere around $600,000, you can’t tell the exact figure because all you see is a bar and it is around 70% filled in.
They think they yield will go up 7% a year and the value of the building itself would jump up 15-20% when it is all done up which doesn’t sound too far-fetched after sticking all that stuff into the historic building that has seen it all.
Hopefully it does happen in the end or maybe somebody will take that cinema idea and build that 60-80 seat cinema elsewhere, we can only hope and wait and see.