A once in a 99 year chance ... the lease for the Plough Inn is up for grabs.

A once in a 99 year chance ... the lease for the Plough Inn is up for grabs.

Does "selling" the Plough Inn constitute an "asset" sale?

South Bank Corporation is selling the 99-year lease of the 129-year old, Queensland Heritage Register-listed Plough Inn Hotel at South Bank.

The Plough Inn is effectively owned by the State Government, but the South Bank Parkland is now managed by Brisbane City Council.

Paul Fraser is vice-president of property developers Jones Lang LaSalle's Hotels and Hospitality Group and co-ordinating the sale.

"It is owned by the South Bank Corporation, which was the Queensland Government," he explained.

(South Bank Corporation was set up by the Queensland Government to run Expo 88.)

"It was state and moved over to Brisbane City Council under Campbell Newman when he became premier," Mr Fraser said.

Already 40 businesses have begun 'due diligence' on the Plough Inn offer, which closes on April 10.

"It is effectively owning the freehold of the property for 99 years," Paul Fraser said.

"A lot of this happens in Sydney and Canberra obviously, but it not that prevalent up here in Queensland yet."

So, if you have the money you could sell the Plough Inn, renovate the hotel - under heritage conditions - or simply keep the operating lease to the business that is running the hotel, and simply "receive the rent", he said.

The property must stay a hotel and cannot be removed, or shifted.

"It's concurrent lease will have its lease as being a hotel definitely," he said.

"So it not like you are going to be able to build an office block on its or something like that.

"There are certain stipulations on it in the concurrent lease."

The Plough Inn sale does not include the sale of the existing 10-year operating lease of the hotel.

"You are buying the rights, I guess, to be the landlord," he explained.

The operating lease has 9.5 years remaining.

The Plough Inn was built in 1885 by publican Daniel Costigan, another of the Irish publicans who flourished in Brisbane.

The hotel is now on the Queensland Heritage Register, and was protected and preserved when the old wharves at South Brisbane were transformed into South Bank Parklands.

If you bought it, you would also get your share of ghost stories.

One story involves a young girl trapped in the cellar during the great floods of 1893; the other the murdered wife of a 1920s publican, who wanders the hallways and the balcony where she met her end.