Mackay’s Coral Cay Resort is to be offered for sale, providing an opportunity to acquire a contemporary style 4.5-star hotel.
CBRE Hotels’ agents Wayne Bunz and Hayley Manvell have been exclusively appointed to market the Freehold Going Concern resort on behalf of a fund.
Located on a significant 9,148sqm parcel of land, the offering comprises 82 one, two- and three-bedroom apartments, a restaurant, two meeting rooms, a swimming pool, gymnasium, manager’s residence and outdoor car parking.
CBRE Hotels’ Senior Negotiator Hayley Manvell noted; “The resort’s robust trading performance and history of producing exceptionally strong profit margins will be a key buyer drawcard.”
Coral Cay Resort is located 1km south of the Mackay town centre and 4.5km from Mackay Airport. It is situated on Nebo Road, which forms part of the Bruce Highway.
CBRE Hotels National Director Wayne Bunz commented; “Mackay has a buoyant and diversified economy, with the region’s recent growth fuelled by renewed activity in the resources sector, a resurgence in agribusiness and growth in construction, logistics and tourism.”
The Mackay region is the gateway to the rich coal deposits in the Bowen and Galilee Basins. It is also one of the largest sugar-producing regions in Australia and hosts much of the engineering, manufacturing and mining services industries supporting the wider Mackay-Isaac-Whitsunday economy.
The Mackay Regional LGA is recognised as one of the fastest-growing in Queensland, with a population of over 110,000, and has experienced the most prolonged period of growth in recent history.
“The Mackay region has achieved eight successive quarters of visitor growth and is continuing to be a strong tourism destination in Queensland, with international tourists increasing 12.2% from the year prior,” Mr Bunz said.
“Over $2 billion in development projects are under construction or proposed, which will lead to increased visitation from corporates and tradespeople and drive room rates accordingly.”
Coral Cay Resort is being offered for sale by way of an Expression of Interest (“EOI”) campaign closing May 30, 2019.
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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.