- Property previously held by Flannery family's KTQ Group
- Purchased by investment group, led by Winchester Group
- Current vacancy rates for the area are 1.6%
Late in February, The Sun Hotel went on the market after being owned, developed and operated by the Flannery family’s KTQ Group since 2014.
The local haunt includes a bar and bistro, as well as a drive-thru bottle shop and TAB.
It is, as that cliche goes, ‘hot property’, said CBRE Hotels’ Wayne Bunz.
“Byron continues to be [one of] the most sought-after destinations in Australia, and we continue to be inundated with enquiry for investors seeking a foothold in the northern NSW area.”
Wayne Bunz, CBRE Hotels
Expressions of interest closed on 30 March. Yesterday, the company appointed to helm the sale, CBRE, announced a sale had been completed.
Who did it go to?
The freehold divestment was made to an investment group, led by the Winchester Group.
Winchester Group’s Director, Shaun Dunleavy said it hailed a warm return to Byron Bay for the group and indicated further development was on the cards for hotel.
“With Byron seeing major changes in recent years, we want to create a venue with strong roots in the community, that’s welcoming to everyone, source suppliers locally and offer good old-fashioned value for money.”
Shaun Dunleavy, Director, Winchester Group
The market more broadly
Byron Bay has been hot property lately, not least due to its prime location, the pandemic, and celebrity interest.
The number of people filtering through the idyllic location is a marvel: vacancy rates for the area plummeted to incredible lows over the November to March period, seeing rates of 0.4% to 0.5%. More recently, it rose to 1.6%.
Select part of the chart to zoom in on various years, and ‘reset zoom’ button to return.
The Sun Hotel property sits on 7,653 square metres of land and is located on Byron Bay’s North Beach.