One of the most popular apartment hotels on the New South Wales mid-north coast is set to change hands with Mantra Quayside at Port Macquarie hitting the market.

The 42-unit property is right in the heart of Port Macquarie with waterfront and CBD views and all of the studios and one and two bed apartments have a private balcony.

Included in the sale of the management rights business is the freehold to 21 of the 42 strata title units which provides the option of selling them down in a strong local residential market or retain the lucrative combined letting income.

“This is Port Macquarie’s best property located in one of the most sought-after markets in New South Wales because of its proximity to Sydney and Newcastle and we believe it is going to enjoy even further growth,” said ResortBrokers northern NSW specialist Greg James, who is managing the deal along with Trudy Crooks.

“Because the property is zoned as short term, it means that all 42 of the units are in the letting pool. This is very rare for a management rights business and it means that the operator has full control of the hotel, whilst not having to pay for the freehold,” he said.

“As for the property itself, Mantra Quayside has been renovated from top to bottom with high quality specs throughout and this is one of the best refurbs we’ve seen.

“Because of this, the incoming operator will be able to continue to enjoy the high tariffs that are guaranteed with very few expenses.”

Trudy Crooks said Mantra Quayside generated income of $1.2 million over the past 12 months from the 21 units and the business.

“The Mantra Quayside would be a great addition to an accommodation portfolio as it is a straightforward business and it’s also perfect for an investor to run under management,” Ms Crooks said.

“Port Macquarie has always been a popular tourist town because of its great beaches and activities, and there’s also been a strong permanent migration as well for all the same reasons,” she said.

“These coastal locations within easy reach of the big cities are booming and with New South Wales and Victoria getting out of lockdowns, and Queensland opening its border up, the tourism market in the regions could receive another kick along.”

Mantra Quayside is being sold by an Expressions of Interest campaign which closes on November 26, 2021.

To request a copy of the Information Memorandum please contact one of the marketing agents ResortBrokers Greg James and Trudy Crooks via the contact details below.

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