CBRE Hotels has been exclusively appointed to sell the Ballina Hotel on behalf of the long-time private owners.
Having held the NSW Northern Rivers hotel for over 17 years, the vendors are moving to divest at a time when stock levels remain tight, underlying fundamentals are sound and demand, especially through the NSW north coast, continues to trend upwards.
CBRE NSW Director Ben McDonald and Associate Director Kate MacDonald will steer the marketing campaign with CBRE regional development specialist Xavier Rahme.
Whilst currently not trading given the departure of the tenant, the Ballina Hotel is strategically positioned opposite the Ballina RSL within the CBD on a sizeable 2,023sqm site.
Ms MacDonald said the property presented an incoming operator with a genuine ‘blank canvas’ opportunity to reinvigorate and relaunch the hotel business and capitalise on the asset’s location in one of NSW’s top three growth areas.
The sale also includes a 24hr hotel licence with 16 poker machine entitlements and has close to $3m in s94 council contribution credits attached – a fact that will significantly enhance the appeal of the asset for incoming purchasers.
“The allure of Ballina as the gateway to Byron Bay, coupled with the commercial metrics of the opportunity are expected to drive wide ranging buyer interest,” Ms MacDonald said.
“We see the hotel generating interest from traditional hoteliers, both local and interstate, as well as commercial property developers and investors keen to gain a foothold in what is one of the fastest growing regions in NSW.
“From a hotel point of view, we see a very unique opportunity for the right operator who has the creative vision to bring this hotel to life.”
The Ballina Hotel is being sold via Expressions of Interest closing 4pm on Thursday, 5th March 2020 (unless sold prior) with the licence and property to be sold either individually or in one line.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
