NEWS PROPERTY

A 17,280sqm waterside resort with upside in Port Macquarie has been sold for $6 million. A local investor has purchased the “turn key” waterside resort on behalf of the Trustees for Sale appointed, Rodgers Reidy. 50 Settlement Point Road was sold with vacant possession and has an array of quality existing improvements. The 24 self-contained two-bedroom units, plus a three bedroom managers’ residence and ground floor reception/office area, all come with on-site parking and a ‘turn-key’ resort operation. The large scale site is in a well-known location with views of the Hastings River; and is a land holding with quality improvements as well as a major development opportunity (STCA). The deal was negotiated by Nick Lower, Leon Alaban & Selin Ince of Savills Hotels Australia, together with Greg Laws of LJ Hooker. “Positioned on the highly desirable mid-north coast of NSW, 50 Settlement Point Road represents a once in a lifetime opportunity to acquire a prime, waterside resort, and we received a lot of interest from owner occupiers, investors and developers alike,” Mr Lower said.

JLL Hotels & Hospitality Group has completed the off market sale of Brady’s Railway Hotel in Albury for $9.6 million.

International and interstate buyers will be targeted in the sale campaign for a Tamborine Mountain resort approved for six additional villas. Adam Grbcic and Tony Grbcic, of Kollosche, have been engaged to market the Escarpment Retreat & Day Spa at 123 Alpine Tce in an expressions-of-interest campaign closing on November 4. The seller is Ayzo Holdings Pty Ltd, linked to Wang Dishangshu, which acquired the idyllic 2.2ha rainforest property for $1.52m in 2014. Adam Grbcic said the resort business run from the property, which includes six units spread across three villas and a three-bedroom house, has proven resilient during COVID-19. He said turnover was more than $500,000 per year.

An established drive-through bottle shop and hotel in Ingham has sold under the hammer for $1,965,000 at a Burgess Rawson portfolio auction in Sydney. The East Ingham Hotel was among more than a dozen properties worth more than $41m which sold at the auction earlier this month. Burgess Rawson selling agent Michael Gilbert said there had been keen interest in the hotel because of its strong investment terms and tenancy arrangements with the ALH Group. Ingham was also a “thirsty” spot, he said. “We had about 150 inquiries for the property and something like 40 people asked for contracts,” Mr Gilbert said.

A unique opportunity to own a national award-winning backpacker establishment is up for grabs after it came onto the market for the first time in a decade. Noosa Flashpackers at Sunshine Beach, which was developed by a local family over the course of a 10-year period, is expected to create a lot of interest. The business has been recognised nationally for providing a higher standard of accommodation for value-minded travellers while retaining a fun, relaxed and welcoming approach. Colliers International Sunshine Coast agent Johnny Gooderham said the owners planned to retire knowing they had left behind a legacy of an outstanding business. Expressions of interest close on the 1520sq m Pacific Ave site on October 22.

The Parap Tavern has been sold to a national partnership portfolio that owns 60 retail and hospitality properties across Australia for $19.7m. Australian Leisure and Hospitality Group (ALH), which currently leases the tavern and adjoining bottleshop, has signed a 15-year lease with the new owners Long Wale Investment Partnership (LWIP).

A Chinatown hotel has hit the market just as relief from lockdown hovers on the horizon. The City Limits Hotel at 20-22 Little Bourke Street and its neighbouring carpark, are on the market for the first time since the 1990s and are expected to fetch more than $15 million. The hotel’s listing comes hot on the heels of the Kearney family’s move to dispose of the Louis Vuitton building on Collins Street. Records show the Chinatown properties were bought by the Hong Kong-based Chow family for less than $4 million in 1990 and 1995. The combined 471 square metre site is on a rare triple-fronted parcel of land, bordered by Little Bourke Place and Gordon Place. The eight-storey hotel has 32 strata-titled studio apartments. Colliers International agents Oliver Hay, Mathew Stagg, Daniel Wolman and Leon Ma have the listing with Uptown Partners’ Brendan Hamill and Jonathan Sher.

Port Adelaide is going through a major change and there are still investment opportunities available with four pubs on the market in the area – including one that’s been up for sale close to two years. In its heyday, the Port Dock Brewery was one of the most successful business in Port Adelaide. But after laying empty for almost two years, the agent handling the pub is hopeful of a sale in the near future, especially with the Port going through a boom period. Port Adelaide is going through a major change at the moment, with large numbers of visitors flocking to the suburb and plenty of development underway, but there are still good opportunities for anyone looking to run a pub in the area. Two of the suburbs most successful businesses – Pirate Life Brewing and the revamped Port Admiral Hotel – regularly attract scores of punters. But other premises lie empty – just waiting for investors with the vision to take them on. The Port Dock Brewery, Railway Hotel, Portland Hotel and Cumberland at Glanville are all on the market. In Todd Street, the Port Dock has been on the market for close to two years after the sudden passing of its former publican John Cowled. Langfords Hotel Brokers owner John Langford, who is handling the sale alongside Savills, said the late Mr Cowled was passionate about the pub. “He really had the pub going well and was doing a brilliant job of running it,” he said.