Significant Queensland Freehold Hotel to Market
Following closely behind HTL Property’s announcement this week of the sale process for Manly’s iconic Hotel Steyne, the leading boutique national brokerage firm has now confirmed it will bring to market the beachside Coolangatta Sands Hotel in the picturesque Gold Coast region of South East Queensland.
“The market appetite for very high quality freehold hospitality property remains both unquenched and active” advised HTL Property’s Managing Director, Andrew Jolliffe.
“The Coolangatta Sands Hotel is a large format, multi-level property positioned incredibly close to world class tourism magnets such as Kirra Beach, Snapper Rocks; and the recently expanded Gold Coast International airport which now handles approximately 420 domestic and international flights a week” commented Jolliffe. Spread across two voluminous levels and with double street frontage, the Coolangatta local favourite covets a valuable 1,067sqm commercial property holding with a generous 84m height limit and nestled adjacent the bustling 33,000sqm* Strand retail precinct. Having enjoyed a recent renovation, the Hotel presents as new and comprises 40 valuable gaming machine licenses with the ability to increase to 45; as well as incorporating a 25-room accommodation division which is well supported by the nearby International Airport.
“Coupled with the incredible macroeconomic demand drivers of the surrounding area and the rare underlying attributes of the licenced real estate – the business itself, which already enjoys a strong base of revenue, presents an incoming purchaser with demonstrable growth opportunities, especially in gaming and aided by the benefits of a late trading licence” said HTL Property’s National Pubs Director, Dan Dragicevich
Hotel sales in Queensland have not matched the number of transactions conducted in NSW in the past 12 months, however there has been a definitive trend forming whereby Southern state’s investors have increasingly elected to compete with Queensland-based hoteliers for rare AAA stock.
In the past year HTL Property has sold a number of Queensland hospitality assets to Sydney based groups, including 2018’s record sale of Townsville’s Rising Sun Hotel for $21m to Sydney based and now publicly listed Redcape group.
“Whilst equally likely to be acquired by an investor with local knowledge, we are confident that both NSW and Victorian based investors will readily avail themselves of this unique opportunity” commented HTL Property’s Qld Director Glenn Price.
“We anticipate that astute investors will swiftly identify value in the commercial advantage enjoyed by the 12pm retail liquor licence, and separate ability to add detached bottle shops if desired. Separately, the potential and very valuable 23 storey development height capacity inherent to the site, will serve to underwrite the downstream alternative and mixed use value of this unique property” concluded Jolliffe. HTL Property have been exclusively retained to sell the Coolangatta Sands Hotel via an Expressions of Interest campaign concluding in March 2019.
HTL Property, 15th February 2019
