Sydney, 30 July 2013 - The Oceanside Hawks Nest has been listed for sale.
CBRE Hotels has been appointed to sell the popular Oceanside Hawks Nest motel and restaurant complex, which is located on the mid-north coast of New South Wales.
Once favoured as a family holiday retreat by Prime Minister John Howard, the property has undergone a substantial refurbishment in the past few months, with close to $250,000 spent upgrading the property.
CBRE Hotels’ Paul Kapiris and Rob Cross will steer the campaign, which closes 4th September 2013.
The 2,688 square metre site includes a total of 52 rooms (31 freehold, 21 serviced apartments), a fully leased restaurant, substantial car parking, as well as favourable zoning for long term redevelopment (STCA).
Mr Kapiris said the hotel would attract strong interest from owner operators, as well as investors because of its solid trading history.
“The motel is currently owned by a Sydney based investor, with a management couple taking care of the day to day operations,” Mr Kapiris said.
“Whilst the asset currently performs well, an experienced owner operator would be aware of the inherent upside available with a more hands on approach to management.”
CBRE’s Mr Cross said that the widening gap between low current interest rates and investor returns for hotels and motels provided a solid opportunity for investors to enter the market place and achieve strong returns.
“Recently, we have heard of hoteliers locking in interest rates around or even below 5%, making the purchase of a hotel or motel that provides double digit returns a favourable investment,” Mr Cross said.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website atwww.cbre.com.au.