Re­sort set to fetch at least $15 mil­lion

Whitsunday Times - - FRONT PAGE - Rory Sheavils

PEP­PERS Airlie Beach is set to be sold after Lat­i­tude De­vel­op­ment Group handed the busi­ness over to re­ceivers McGrathNi­col in March.

The re­sort will be the cen­tre­piece of an in­ter­na­tional ex­pres­sions of in­ter­est cam­paign han­dled by CBRE Ho­tels and PRD Na­tion­wide Airlie Beach, with a price tag of at least $15 mil­lion ex­pected.

Man­aged by the Mantra Group, re­gional gen­eral man­ager Win­ston Hall said it had been busi­ness as usual since the re­ceivers moved in.

“Mantra Group has con­tin­ued to op­er­ate Pep­pers Airlie Beach since the re­ceivers, the cur­rent own­ers of the re­sort’s man­age­ment and let­ting rights, took con­trol of the busi­ness early this year,” he said.

“Should the re­ceivers sell their man­age­ment and let­ting rights, Mantra Group looks for­ward to dis­cussing their tai­lored op­er­at­ing mod­els with the new own­ers.”

While it is too early to say who the new own­ers might be, CBRE’s Wayne Bunz said China-based com­pa­nies had shown sig­nif­i­cant in­ter­est in the re­gion re­cently.

“We have been in­un­dated with en­quiries for leisure as­sets of late, par­tic­u­larly from main­land China,” he said.

“In­vestors are look­ing to en­ter key leisure mar­kets and cap­i­talise on their po­ten­tial for fur­ther growth, par­tic­u­larly in light of the soft­en­ing Aus­tralian dol­lar, which is cre­at­ing favourable mar­ket con­di­tions for the lo­cal tourism mar­ket.”

China Cap­i­tal In­vest­ment Group pur­chased South Molle Is­land in Au­gust this year and Day­dream Is­land in Fe­bru­ary 2015.

CBRE’s Paul Fraser said the cur­rent eco­nomic cli­mate made it a good time to buy.

“Val­ues in re­gional ar­eas are sig­nif­i­cantly below re­place­ment cost and this im­bal­ance, com­bined with the strong per­for­mance of Aus­tralia’s ma­jor leisure mar­kets in a lower Aus­tralian dol­lar en­vi­ron­ment, is spurring buyer in­ter­est in avail­able in­vest­ment op­por­tu­ni­ties,” he said.

The four-and-a-half star 1.8 ha site fea­tures 56 units and three vil­las over­look­ing the Port of Airlie Ma­rina.

Pep­pers is also home to Tides Restau­rant and Bar and En­dota Day Spa.

Ex­pres­sions of in­ter­est close on Oc­to­ber 20.


FOR SALE: Pep­pers Airlie Beach is on the mar­ket, with the sale to be han­dled by CBRE Ho­tels and PRD Na­tion­wide Airlie Beach.

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