NEWS PROPERTY

Listed Singaporean real estate group Chip Eng Seng has snapped up the 84-key Sebel Mandurah hotel south of Perth for about $15 million. The 4.5-star waterfront hotel was put up for sale in March by Perth-based FJM Property, led by property veterans Adrian Fini, Barry Jones and David Mack. FJM paid a similar price in 2013 when the private investment company bought it from current operators Accor. It’s the second noteworthy hotel sale in Perth this year with Asian investors seeing good counter-cyclical opportunities in a weakening market. The latest June data from researchers STR showed big falls in both occupancy rates (down to 73 per cent) and average daily room rates in Perth ($172 a night) over the first six months of the year. In March, a Singapore-based investor paid $50 million to buy the 4.5-star Crowne Plaza Perth hotel overlooking the Swan River. The Sebel at 1 Marco Polo Drive forms part of a larger mixed-use development, comprising three multi-level towers accommodating more than 100 luxury residential apartments with outstanding views over the canals, marina and the Indian Ocean. Chip Eng Seng, which trades in Australia as CEL, has a number of Melbourne development projects including the stalled Tower Melbourne project in the CBD. Its investments include the 420 St Kilda Road office tower, on the market with a $65 million price tag. Ryan McGinnity of CBRE Hotels in conjunction with Andrew Langsford and Aaron Desange of JLL Hotels and Hospitality handled the sale but declined to comment. “Investors have the chance to secure an established asset in a high-quality precinct, at an opportune point in the investment cycle,” said Mr Langsford when the sales campaign kicked off. Last year, Singapore hotel tycoon Michael Kum’s M&L Hospitality acquired the 256-room Novotel Langley Hotel on Adelaide Terrace in the Perth CBD for a reported $80 million.

Property tycoon Sam Arnaout’s Iris Capital has put the freehold of the Clovelly Hotel in Sydney’s eastern suburbs up for sale with expectations around $30 million. The leasehold of the hospitality complex overlooking Clovelly Beach was acquired by celebrity chef Matt Moran’s Solotel Hotel Group in December. Colliers International Miron Solomons and JLL’s John Musca have been appointed by Iris Capital to sell the freehold interest in the hotel. “It was incorrectly reported that Mr Moran and Solotel had bought the exceptional oceanfront property,” Mr Musca said.

A Vietnam-based investor has snapped up one of Tasmania’s trophy leisure properties after paying almost $16 million for the Cape Wickham Golf Course on the northern point of King Island. The spectacular 18-hole links course overlooking Bass Strait was ranked the 24th best golf course in the world by Golf Digest in 2016 and first in Australia by Golf Australia magazine this year. It was put up for sale by Australian Ratings (now Standard & Poor’s Australia) founder and property developer Duncan Andrews in February. The buyer is a company called Cape Wickham Golf Links Pty Ltd, wholly owned by Ekaterina Kolmakova from Hanoi in Vietnam. The sole director of the company is Sydney-based Richard Nebauer. Cape Wickham, which opened in October 2015, was a collaboration between US architect Mike DeVries and Australian golf writer Darius Oliver.

Outback Australia’s renowned Daly Waters pub, known for its cheeky decor including walls adorned with bras and undies, has been sold. The former stock driver watering hole that has become a magnet for tourists in the Northern Territory’s Top End has been the life of publican Lindsay Carmichael and his partner Robyn for the past 18 years. “It’s a bit like your grandma,” Mr Carmichael said. “You gotta look after her, you gotta make sure she’s comfortable and make sure she’s happy.” But after years of sweating out long days behind the bar and on site, Mr Carmichael said it was time to go.

Barrelhouse Restaurant and Bar owners Matt and Caroline Charlston are looking to sell up and try something new. But they want to find the right successor first. It’s a hard road finding the perfect bar-owner, and a couple of Dannevirke publicans are now two years deep in the search. Matt and Caroline Charlton started the Barrelhouse Restaurant and Bar 17 years ago when they came home after the big OE, but they feel it is time to move on. “We’ve enjoyed every minute of it, and we still love it. But hospitality isn’t something you can do forever…[and] 17 years is a long time,” Matt Charlton said. They’re not in any hurry and want to wait for the right buyer – someone as passionate about the business as they were in the beginning.

ASX-listed Chinese developer Boyuan Holdings has bought the Peachtree Hotel in Penrith, west of Sydney. Boyuan acquired the pub, which stands on a large 10,055-square-metre site on Castlereagh Road close to the Penrith CBD, from long-time owners the Parras family. Industry sources put the purchase price at about $16 million. The Parras family paid $6.95 million for the venue in 2002 before undertaking a major upgrade of its facilities, which include a beer garden, bistro and bottle shop. Boyuan, an offshoot of the Hong Kong-listed real estate company Jiayuan, became the first Chinese real estate company to list on the Australian Securities Exchange when it floated in October last year. It owns residential and commercial development sites in outer Sydney and the Hunter Valley with the acquisition of the Peachtree Hotel marking its first acquisition in the red-hot pub sector. “As Boyuan continues to progress our property developments in the growth corridors of western and south-western Sydney, we are now widening our scope and actively pursuing investment opportunities in key sectors which enhance our current asset base,” chief executive officer Caden Wan said. Mr Wan said Boyuan was currently in discussions with an “experienced Sydney hotel operator” to partner with it in the sector. CBRE Hotels’ Daniel Dragicevich and Ben McDonald sold the large-format venue following an off-market process. “Boyuan is a new entrant to the hotels sector which in itself is a vote of confidence in the attributes of the asset class as well as the long-term investment outlook,” Mr Dragicevich said.

Dannevirke’s Mangatera Hotel is up for sale. The business has an asking price of $2.85 million. Donald Speedy said they were selling up so they could spend more time with the couple’s three grown daughters and their families.

A historic Esplanade property has sold for more than $1.5 million, heralding the end of an era for a Cairns tourism visionary. In a sign of further market confidence in the city’s accommodation sector, more than 50 inquiries were received for Floriana Guesthouse before it was snapped up by Southeast Queensland investors. Selling agent Jay Beattie of Colliers International Cairns said the new owners planned to “give the property a facelift and reposition the business”.