Leasehold interest in Airlie Beach Hotel sold
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Leasehold interest in Airlie Beach Hotel sold
The leasehold interest in north Queensland’s Airlie Beach Hotel has been sold off-market to ABH Operations Pty Ltd in a deal brokered by CBRE Hotels’ agents Wayne Bunz and Hayley Manvell.
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CBRE HotelsLeasehold interest in Airlie Beach Hotel sold.
CBRE Hotels’ agents Wayne Bunz and Hayley Manvell managed the sale of the waterfront hotel on behalf of the vendor – the O’Neill family who have owned the asset for over 30 years.
The hotel is situated within the Airlie Beach CBD and offers three major street frontages, including Airlie Esplanade and Main Street, providing strong foot traffic and high exposure.
“The Airlie Beach Hotel is situated on a significant 8,819sqm site, in what is arguably the CBD’s best location, with never to be built out views across to the Whitsunday Islands,” Mr Bunz said.
Wayne Bunz, CBRE Hotels National Director
The hotel offers multiple income streams derived from 80 accommodation rooms and conferencing facilities, a commercial car park, restaurant, pub, retail liquor store and 35 gaming machines.
It also offers a stable retail rental income and the benefits of an attractive Weighted Average Lease Expiry profile, with the first retail lease expiring in 2022.
Mr Bunz said the purchaser has been attracted by the opportunity to secure a strong cash flow business, with the ability to substantially increase the property’s EBITDA.
“The new operators have a key opportunity to reposition the asset and could immediately elevate returns through optimising the venue’s operations and reducing overheads. We are very excited to see the direction in which the new owners plan to take the asset,” Mr Bunz said.
Ms Manvell added; “There is pent up buyer demand from investors seeking opportunities in Airlie Beach and our greatest challenge is finding stock.”
To capitalise on demand for north Queensland tourism assets, CBRE Hotels will be launching a sale campaign for Long Island Resort in early 2019.
The Coral Sea Resort has also recently changed hands which was marketed through CBRE Hotels earlier this year.
To discuss the sale in further detail, phone or email Wayne Bunz or Hayley Manvell via the below contact details.
See also:
Magnetic Island Base Backpackers for sale
