NEWS PROPERTY

A hidden rainforest retreat in one of the Sunshine Coast’s most picturesque locations has hit the market as the perfect “lifestyle business” opportunity. The long-time owners of boutique hinterland bed and breakfast Hunchy Hideaway are now accepting offers as they move on from more than a decade in the local industry. The Hunchy Rd listing includes a manager’s residence and five self-contained cottages on 1.85 hectares of “private, tranquil” space. Amber Werchon Property sales agent Leigh Martinuzzi said the current owners had built Hunchy Hideaway from one original cottage to what it is today after a lifetime of bed and breakfast experience.

Paradise Resort is a family resort hotel located on the Gold Coast which has sold through McVay Real Estate for $43,000,000. “Paradise Resort is an established 360 room family resort, with approval for the development of 1,432 residential units on the site,” said Sam McVay of McVay Real Estate.

A Queenstown farmer has bought a scenic rural property near Glenorchy, famous as a setting for TV commercials and films like The Lord of the Rings, for an undisclosed price. The 257ha Arcadia Station, bordered by Diamond Lake, Mount Aspiring National Park and Dart River and the Paradise property, has been farmed for 60 years by Jim Veint (83), who in turn bought it off his father, Lloyd.

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.