NEWS PROPERTY

Garry Miller has sold The Brighton Hotel in Mandurah – the first pub believed to be sold in Western Australia since the COVID-19 shutdown began on 23 March. The hotel was purchased by a Perth syndicate, with the deal negotiated by CBRE Hotels’ Ryan McGinnity.

Expressions of interest are being sought for an approved beachfront tourist accommodation park on the edge of The Great Barrier Reef at 66-72 Rules Beach Road. Comprising 5.05 hectares, the balance area of ‘Rules Beach Estate’ is being marketed and sold by Ray White Special Projects Qld Executive Directors Mark Creevey and Tony Williams, in conjunction with HTL Property Directors Glenn Price and Brent McCarthy.

A near-100-year-old pub building restored to its former glory by an ex-All Black has been placed on the market for sale. The property at 40 High Street, in Frankton, Hamilton, has been home to the Frankton Hotel since 1929 and is owned by Graham “Moose” Whiting, who played 31 matches for the All Blacks in the early 1970s. Whiting, who also used to own the hotel business, had nursed the Art Deco-style building back to health but is now looking to divest himself of the property. The 1580sqm building sits on 1618sqm of flat freehold land and is leased to the owners of the Frankton Hotel until 2024, with three further six-year rights of renewal. It generates annual rental of $104,000 plus GST and outgoings. Various portions of the hotel have new building standards ratings of between 25 – 85 percent. Bayleys Hamilton sales agent Josh Smith, who is marketing the property for sale by tender, closing on June 25, said the two-storey character venue was originally built to service the needs of rail workers, and predicted rail would be the cornerstone of the venue’s future.

In the little-known ghost town of Linda, 10 minutes from the small mining town of Queenstown, you’ll find the blackened concrete ruins that were once the Royal Hotel, and it is on the market. A source of fascination for Tasmanians for decades and steeped in a mysterious history, the property is for sale for just $149,000. Real estate agent Wendy Van Balen said there had been “quite a bit” of interest so far, despite the remote location and lack of internal fittings in the property. “Some Tasmanians but also some people from interstate, basically just people looking for peace and quiet,” she said. Quietness is essentially guaranteed, with Linda having a population of fewer than 10 people.

A regional NSW buyer looking beyond the border to a favourite holiday destination has bought a waterfront development site at Shute Harbour in Queensland’s Whitsunday Islands. The 8199sq m two-title freehold sold for $2.65 million after an expression of interest campaign managed by Ray White’s Andrew Burke and Mark Beale. Mr Burke said marine industry buyers, land bankers and residential developers were among the six parties that submitted offers for 3344 Shute Harbour Road. “The vendor was a local businessman who previously had the site used as a hotel before Cyclone Debbie in 2017 destroyed the buildings and, with retirement on the horizon, they decided to sell,” he said.

Featherston’s 153-year-old iconic, The Royal Hotel is for sale. The Royal Hotel owner Rob Allen said the property was listed on Trade Me prior to Covid-19 as he hoped to focus on his wedding business instead. Allen and his wife Janelle Harrington bought the 12-bedroom Wairarapa hotel with a bar, restaurant and function room, in 2015 to renovate it into a luxury boutique hotel. The multi million-dollar makeover in 2017. “We wanted to redevelop it as a wedding venue for our wedding business. We didn’t intend to be hoteliers. We want to go back to focusing on wedding events again,” Allen said. Allen said the property along with the hotel business was for sale, however due to Covid-19 restrictions interest had been low. Allen was expecting offers between $2 million and $3m.

A well-known hotel in South Melbourne is being sold for the first time in more than 25 years, with expectations of it fetching $3.8 million or more. The freehold component of the Wayside Inn, on the corner of City Road and Ferrars Street near the South Melbourne Market, is being offered for sale by expressions of interest as part of a campaign run by JLL Hotels and Hospitality Group’s Will Connolly and Nick Macfie. The 587-square-metre site is leased to private operators who are on a month-to-month tenancy, according to Mr Connolly, who handled the leasing campaign in 2019.

It takes an awful lot of time, and meals, to make $2.85 million out of serving the likes of beef and black-bean sauce in a restaurant. That sum can also be ‘lost’ far more rapidly, as the owner of the property that housed long-term main-street Surfers Paradise noshery the China House can attest. The restaurant closed a few years back and the property was put on the market in mid-2018. An unconditional sale was made at $3.85 million and a deposit paid but the buyer, who apparently had backpacker ambitions, failed to pay come settlement day last year. Now seller Sing Yip Investments, today owned by Benowa resident Frederick Chan, has gulped and swallowed its disappointment. It’s put the deal behind it big-time, taken a $1 million offer that came with a 14-day settlement period, and has banked the dosh — $2.85 million less than it accepted in 2018. That $1 million sale is $850,000 lower than the property’s 2018 rateable value. So has ended a journey that started in 1981 when an older-style house on a 405 sqm site on the western side of Surfers Paradise Boulevard was bought for $310,000. It was converted to a restaurant, China House, and went on to become something of a favourite with many visitors tasting life in Surfers Paradise. China House ceased operating a few years back and the property was listed for auction in mid-2018 by Sing Yip Investments. A buyer, apparently linked to Brisbane businessman Solomon Noel, stepped forward before auction and snaffled the property with a meaty offer. It’s been suggested the site was intended for a modular building that would house backpackers. The Noel group of companies, of which Solomon is CEO, has a modular arm. The contract on China House was an unconditional one on extended settlement terms, with the deposit believed to have been five per cent of the $3.85 million price. Sing Yip, which had gone ahead and demolished China House to deliver a cleared site, apparently kept that deposit when the buyer failed to settle. Subsequently the agents selling the property, which sits between the Clock Hotel and the Centrepoint Arcade, canvassed other would-be buyers. They elicited interest from one party at $2.1 million but that interest waned and quick business was done with a company – owned by Victorians Nikola and Jenny Maric – which offered $1 million. The intent is to keep the site as a longer-term investment but the Marics could have some more expense should they decide to develop it. There is believed to be asbestos in the ground, which would make decontamination necessary. Meanwhile, Sing Yip’s 2018 sell-off included a property with a notorious history in Brisbane’s Fortitude Valley. It was one-time home to an infamous illegal casino and brothel and featured in the late 1980s Fitzgerald inquiry into corruption. Sing Yip bought the home of Bubbles Bathhouse for $340,000 34 years ago and tipped it out at $1.63 million 18 months ago.