NEWS PROPERTY

A Sunshine Coast par three golf course will continue to welcome golfers after being snapped up by a local family. They paid $4.7 million for the Noosa Par 3 Golf Course after an expressions of interest campaign by Ray White Commercial‘s Louisa Blennerhassett and Paul Butler. Ms Blennerhassett said the 30ha property was marketed locally, offshore and interstate to developers/land bankers and golf business operators. “We conducted a large number of inspections of the property with a wide spectrum of buyers, from private developers and larger tourism operators through to private occupiers, golfing enthusiasts and families,” she said. “The expressions of interest campaign was very successful, attracting seven written offers by the close date. One of these offers eventuated in the purchase of the property.” The picturesque 36-hole course comes with dams and seasonal creeks and was opened by the original owner with 18 holes in 1990. Holes 19-27 were completed and opened in 1995, with the addition of a further nine holes in 2015. Mr Butler said the buyer was a family based in both Melbourne and Noosa. He said they could see strong value in owing the existing golf course business and operations, as well as the long-term land value. “We were very happy to facilitate the transaction and we’re pleased to know the business operations at the Noosa Par 3 will continue into the future under new ownership,” he said. “One of the key successes in the sale of the property was in the understanding of the business operations as well as development constraints. “By looking through a commercial lens, we could attract the buyers with the highest and best use for the property now and into the future, to enable the best outcome for our client.”

Despite the uncertain times, Carlton Football Club president and property investor Mark LoGuidice has leased the Beehive Hotel to the hospitality group behind the Yarra Valley’s acclaimed Bianchet Winery. The off-market deal was negotiated by CBRE agents Jason Orenbunch and Zelman Ainsworth at $250,000 a year for eight years with options. The hotel at 84 Barkers Road – originally named Beehive Road – opened in 1855 and was one of the first pubs east of the Yarra River. The current pub was built in 1882. Mr LoGuidice paid $3.75 million for the hotel in 2009. Mr Ainsworth said “There’s no doubt the current environment has slowed the leasing market, although general feedback, so far, from retailers is the market will bounce back.

A Melbourne-based buyer who started out looking for residential investment opportunities has bought a cafe site in Carlton for $1.35 million. CBRE’s Rorey James, Nic Hage and JJ Heng sold the property occupied by The Olive Jar at 168-170 Rathdowner Street for a private vendor. The building area is 179sq n. reflecting a rate per square metre of $7541 and the land area is 149 sq m, a rate of $9060. Mr Hage said in what was a recent trend, the buyer was initially looking for residential investments. “Their interest in pursuing commercial property was driven predominantly by the more favourable returns and landlord favoured leases,” he said.

Western Sydney Parklands Trust is inviting expressions of interest for lease and development of the Pikes Lane Tourism Hub. Part of Australia’s largest urban parkland, the 25.2 hectare site suits a range of tourism activities, including recreation, leisure, entertainment and nature-based uses.

Singapore’s Fragrance Group, controlled by billionaire developer Koh Wee Meng, has defied the global tourism gloom, acquiring a new hotel in Devonport on Tasmania’s north-west coast for about $40 million. Construction has only just started on the 187-room Devonport Waterfront Hotel, to be built on the site of the former Harris Scarfe store on Best Street, overlooking the Mersey River.

A crocodile-inhabited wilderness retreat at the gateway to the Northern Territory’s Kakadu Wetlands has been listed for sale for the first time. Mary River Wilderness Retreat covers around 400 hectares on the Arnheim Highway, about 90 kilometres from Darwin. It includes 3 kilometres of Mary River frontage, where guests can get up close with crocodiles. The 26-bungalow resort was developed by Lynn Frost, who acquired the former melon farm in 2007 with the idea of creating a retreat suitable for corporate gatherings. “I had previously worked in the motor industry and knew there was very little in Darwin for group functions and conferences,” Ms Frost said. “It was really rundown, totally dilapidated when I bought it,” Ms Frost built new cabins, a pool and staff quarters and converted some of the old farm buildings into amenities within the resort, which opened in 2008. A crocodile tour boat operator offers river cruises from the resort. “There’s lots of birdlife, rock wallabies and the goannas and lizards are starting to return since they got rid of the cane toads,” she said. A few years ago “due to personal circumstances” she sold the resort’s leasehold. It is now operated by Saltwater Hotels & Resorts. Olivia Thompson from Landmark Harcourts is marketing Mary River Wilderness Retreat with offers in excess of $2.8 million on a walk-in,walk-out basis.

Ascott Residence Trust has snapped up the Quest Serviced Apartments in Macquarie Park for $46 million on a yield of mid five per cent. Located at 71 Epping Road, Macquarie Park, the property offers 111 serviced apartment-style hotel rooms comprising a mix of studios, one and two bedrooms apartments, with full kitchens and laundry facilities. Savills Australia Hotels Managing Director Michael Simpson, who negotiated the off-market sale on behalf of vendor Tuggeranong Valley Rugby Union and Sports Club Limited (Vikings Group), said the transaction reflected the strong appetite for Australian hotels from offshore capital.

The land, buildings and businesses sustaining one of the biggest commercially-run olive estates, function venue and restaurant empires in New Zealand have been placed on the market for sale. Simunovich Olive Estate in the Bombay Hills some 50 kilometres south of Auckland is home to approximately 30,000 olive trees which have been yielding progressively bigger crop tonnages for nearly two decades – all of which have been pressed and bottled at the estate’s own pressing plant. The countryside hilltop location also houses the Bracu Pavilion function venue, and the separate Bracu Restaurant – along with multiple dwellings used for staff accommodation.

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