NEWS PROPERTY

Offshore-backed fund manager and developer Barnes Capital will develop a $120 million hotel on the Maroondah Highway in Lilydale after striking a deal with Intercontinental Hotels Group, IHG will operate the 170-room hotel under its new upmarket voco brand.

Luxury lodge Westhaven Retreat at the top of the South Island looks likely to become another overseas millionaire’s bolthole – with a price tag of $24 million. It is one of the highest priced properties of its type to come to the market – overnight visitors pay nearly $1500 a night at peak season, with cheaper options closer to $1000 also available. One of the most expensive properties advertised during 2017 was a $33m house at Glenorchy, the Dotcom mansion at Coatesville near Auckland sold two years ago for $32m, while billionaire Graeme Hart paid $24m last year for a home at Closeburn Station near Queenstown.

Two landmark oceanfront resorts changed hands on Wednesday with the settlement of separate blue-chip management rights sales for close to $15 million. Resort Brokers confirmed the multimillion dollar sales of Oceans Resort and Spa Hervey Bay and Rumba Resort Caloundra, both handled by Sunshine Coast broker Glenn Millar.

The Redcape Hotel Group has sold the Belrose Hotel in Sydney’s Northern Beaches, while Perth-based fund manager Primewest is looking to offload one of Perth’s most well-known hotels, the historic Esplanade Hotel in Fremantle. It is understood the Bayfield Hotel Group acquired the large-format hotel Belrose for about $22 million in an off-market transaction, handled by HTL Property’s Andrew Jolliffe. The Belrose Hotel sits on a large block, and offers multiple large dining and drinking areas, as well as beer gardens, a bottle shop and a gaming room with 25 poker machines.

Western Australia’s hotel market is to receive a fresh test as property fund manager Primewest puts the historic Esplanade Hotel in Fremantle on the block for more than $100 million. The building, on the corner of Marine Terrace and Essex Street, has been refurbished and restored in recent years, and is considered one of the city’s best. Primewest bought the hotel in 2012 from Midland Brick heiress Marilyn New for $88.5m, and then installed Rydges as operator. Now, CBRE’s Aaron Desange, Ryan McGinnity and Chloe Mason are selling the landmark, which originally opened in 1897 as Fremantle’s first hotel. The hotel has 300 guestrooms, four food and drinks outlets and conference facilities. The property has significant underlying land value and is situated over two sites that span more than 1.2ha. A 3043sq m site opposite the hotel, comprising 172 car bays, and a small shop and office component is also being offered.

After two years of rebranding, hospitality giant Solotel, owned by celebrity chef Matt Moran and businessman Bruce Solomon, is selling the leasehold of the popular Clovelly Hotel in Sydney’s upmarket eastern suburbs beach precinct. The pair bought into the pub in December 2016 for a reported $30 million and moved swiftly to upgrade the food and beverage offerings. At the time, it was said the lease was a 20-year triple lease with a straight 10-year first term and fixed annual rental growth of 3 per cent a year. Ray White Hotels Australia’s Asia-Pacific director of hotels, Andrew Jolliffe, who has been engaged by Solotel to manage the sale of the Cloey, as it’s called by locals, believes the market for ”iconic” hospitality assets remains strong.

A private local developer has purchased a 734sq m development site fit for a 30-room new generation boarding house at 17 Arthur Street, Punchbowl, in western Sydney for $2.6 million. Knight Frank’s Terry Hassan and Anthony Pirrottina sold the property.

The five-star Hilton Hotel in Surfers Paradise is for sale – with a price tag of about $80 million – after its Chinese based investors decided to sell out. The privately owned company Ji Feng bought the hotel from Brookfield in 2011 for about $37 million and has now appointed specialist McVay Real Estate Australia to sell the property. The owner has no other commercial property interests in Australia but could be looking at new investments in Sydney.