Main­land re­sort listed for sale

Whitsunday Times - - NEWS -

AIR­LIE BEACH’s Co­ral Sea Re­sort is be­ing listed for sale for the first time in more than two decades with in­dus­try price ex­pec­ta­tions of around $16 mil­lion.

The four-star re­sort’s Syd­ney-based owner Dar­rol Nor­man is divest­ing his fam­ily’s prized as­set in the Whit­sun­days hub to fo­cus on re­tire­ment.

CBRE’s Paul Fraser, who has been ap­pointed to mar­ket the prop­erty with col­league Hay­ley Man­vell, said the re­sort had an un­ri­valled lo­ca­tion.

It is po­si­tioned on a 7521sq m ocean-front site be­tween Air­lie Beach’s CBD and Abell Point Ma­rina with spec­tac­u­lar views over the Co­ral Sea coast­line.

“It is ar­guably the best site in the Air­lie Beach re­gion, one of Aus­tralia’s most recog­nised tourist des­ti­na­tions,” Mr Fraser said.

“This is a qual­ity ho­tel which presents ex­cep­tion­ally well, hav­ing been main­tained with con­stant cap­i­tal ex­pen­di­ture.”

The re­sort at 25 Ocean View Ave com­prises 60 large guest suites, with a to­tal in­ven­tory of 73 keys in the let­ting pool.

It also fea­tures a con­fer­ence and func­tion fa­cil­i­ties, tour desk, gazebo, pri­vate jetty and award-win­ning Clip­per Restau­rant and Lounge.

“A strong econ­omy, well-planned in­fra­struc­ture and de­sir­able life­style make the Whit­sun­day re­gion an invit­ing in­vest­ment en­vi­ron­ment, with Air­lie Beach be­ing a par­tic­u­larly at­trac­tive prospect as it is cur­rently ex­pe­ri­enc­ing a re­bound in tourism num­bers,” Mr Fraser said.

Ms Man­vell said the sale of­fered prospec­tive pur­chasers a strong cash­flow busi­ness, with mul­ti­ple in­come streams.

“Co­ral Sea Re­sort at­tracts a di­verse range of ho­tel guests, un­der­pin­ning its in­cred­i­bly strong rate and a ro­bust oc­cu­pancy level,” she said.

“With the ho­tel be­ing owner-op­er­ated at present, and of­fered with va­cant pos­ses­sion, the op­por­tu­nity could present ex­cel­lent re­brand­ing op­por­tu­ni­ties – open­ing up the buyer pool to ma­jor brands and owner op­er­a­tors.

“We are ex­pect­ing wide-rang­ing in­ter­est with a fo­cus on off­shore in­vestors.”

Co­ral Sea Re­sort is be­ing put to the mar­ket via an ex­pres­sions of in­ter­est cam­paign clos­ing on April 20.

— Phil Bartsch

PHOTO: PETER CAR­RUTHERS

FOR SALE: The Co­ral Sea Re­sort is ex­pected to fetch $16m.

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