Sydney, 28 August 2013-Investment activity in the New South Wales hotel market continues to increase, with the recent sale of Pippi’s at the Point in Lake Macquarie the latest in a tranche of hotel transactions.
Located at 199 Main Road, the two-level hotel benefits from a prime waterfront position on a 2,245sqm site in the main commercial precinct of Speers Point. The hotel features a public bar, beer garden, sports bar, TAB facilities, 15 well-appointed first floor accommodation rooms and a self-contained manager’s residence.
CBRE’s Daniel Dragicevich negotiated the sale of Pippi’s at the Point on behalf of long time publicans Pauline and John Stirling. A well-known North Coast-based hotel group purchased the hotel for an undisclosed sum after a competitive bidding process.
Mr Dragicevich said the transaction was another sign of the continued resurgence of the NSW hotel market – not only in metropolitan Sydney, but also in attractive regional locations.
“We have noticed strong demand for particular regional assets, as they traditionally provide more favourable returns than metro opportunities, yet still exhibit good underlying property and strong business fundamentals,” Mr Dragicevich said.
There has been significant activity within the Lower North Coast’s hotel market over the past 12 months, with CBRE managing the sale of the Settlers Tavern in Gosford (in conjunction with MQ), the Swansea Hotel, Spinning Wheel Hotel in Raymond Terrace and the Lakes Hotel at The Entrance.
For Australian/international news or global stories, follow us on Twitter.
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.