Sale plans announced for Peppers Airlie Beach
The prominent Peppers Airlie Beach resort in north Queensland is to be offered for sale via an International Expressions of Interest campaign.
CBRE Hotels’ agents Wayne Bunz, Paul Fraser and Hayley Manvell have been appointed exclusively to manage the sale on behalf of the appointed receivers, Matthew Caddy and Jamie Harris of McGrathNicol.
Ms Manvell said; “The Whitsundays’ region has been the subject of renewed investor interest thanks to a strong rebound in tourist arrivals post Cyclone Debbie, and the reopening of island resorts, including Intercontinental Hamilton Island and Daydream Island.”
Mr Fraser added; “Values in regional areas are significantly below replacement cost and this imbalance, combined with the strong performance of Australia’s major leisure markets in a lower Australian dollar environment, is spurring buyer interest in available investment opportunities.”
The Peppers Airlie Beach offering comprises 59 of the 106 strata apartments and villas in the complex, the remainder of which are held in private ownership.
It also entails the resort management rights for the entire complex in addition to central facilities such as the resort reception, Tides Restaurant and Bar, a meeting and conferencing venue and a commercial tenancy which is currently vacant.
The resort is situated on north facing site of approximately 1.8 hectares, , which offers spectacular views across the Port of Airlie Marina and the Coral Sea Coast. It is within walking distance of the Airlie Beach CBD.
Included in the sale are 56 one, two and three-bedroom apartments and three villas comprising four to five-bedrooms.
The resort is currently managed by Accor under its luxury brand Peppers, however is offered with vacant possession – providing a rebranding opportunity for investors.
"The sale offers a purchaser the opportunity to sell down the individual apartment stock under a management rights model, whilst also allowing an incoming owner the flexibility to sell the apartments on either a short, medium or long-term basis,” Ms Manvell said.
Expressions of Interest close October 17, 2019.
Source: CBRE.com.au
