Logistics magnate Jay McPhee is set to offload the freehold going concern of the waterfront Country Club Hotel in the popular tourist town of Shoal Bay on the NSW north coast.
CBRE’s Daniel Dragicevich and Ben McDonald have been exclusively appointed to manage the sales campaign of one of the most popular watering holes on the East Coast of Australia, adding to their growing list of strong coastal and regional asset sales in calendar 2016.
Developed by the Randal family in the 1950’s, the Country Club Hotel is a landmark property which forms part of the wider Ramada Hotel site – a 158 apartment accommodation hotel that can cater to upwards of 1,000 people per night and a key selling point of the opportunity set to hit the open market on August 18 via a national Expressions of Interest campaign. The McPhee family has owned it for nearly 30 years.
CBRE Hotels National Director, Daniel Dragicevich, believes the coastal location is enough to entice active purchasers to ‘run the ruler’ over this asset saying; “Beachfront assets are traditionally held by owners for generations and the Country Club is no exception with this being only the third time the hotel has been offered for sale since the doors first swung open.”
“With unobstructed views of the beach and literally footsteps to the sand, the Country Club is the definition of a rare asset and one that will be hotly contested given the current strength of the NSW coastal market,” Mr Dragicevich added.
CBRE Hotels Manager, Ben McDonald, cited the consistent trading performance of the venue along with genuine opportunities for improvement as key factors for consideration when reviewing the Country Club Hotel.
“The market has an insatiable appetite for coastal assets that offer amenity for captured local audiences and are underpinned by significant tourist inflows during peak trade periods,” Mr McDonald said.
Coastal pub assets have been keenly sought-after by commercial investors and existing hoteliers in 2016, with the majority looking to expand their geographical trading footprints and seeking properties with identifiable points of difference to their current stable of assets – beachfront locations being high on that list. Recent transactions and market activity in this space include the Beach Hotel Byron Bay, Bateau Bay, Corrimal Hotel, Toormina Hotel, Port Macquarie Hotel and Town Green Inn with CBRE Hotels citing a further $30m in coastal hotels currently under offer.
The national Expressions of Interest campaign is scheduled to close on September 15 with CBRE Hotels expecting significant enquiry given the current strength of the NSW hotel market and underlying value of the asset.
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 (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 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.