- The hotel was listed earlier this year
- Property was sold prior to auction
- Other properties were also sold as part of an auction series
Three properties up and down the east coast have sold, with a total close to $18 million.
The sales include a Sunshine Coast hotel; a 7-Eleven; and a newly built, NDIS funded, disability accommodation facility.
The 7-Eleven property was sold under the hammer to a local private investor for $4.5 million, representing a yield of 5.28%; the property is located at 72 Cumberland Road in Ingleburn, Sydney.
The disability accommodation facility is located in the Brisbane suburb of Marsden, and was also sold to a private investor; the property was acquired for $2.351 million, representing a yield of 9.15%.
Sunshine Coast hotel sold
Earlier this year, the Alex Hotel was listed for sale.
Located south of Maroochydore, in Alexandra Headland, the property has sold to a Sydney-based family for $11 million, representing a yield of 6.19%.
Alex Hotel is currently leased to ASX-listed Endeavour Group’s Australian Leisure and Hospitality Group, with the beachfront hotel comprising a bottle shop, cafe, and bars.
The property has a current net annual income of $681,000 and has leases and options in place until 2050.
CBRE’s Louisa Blennerhassett, Rem Rafter and Paul Fraser brokered the transaction on behalf of a Melbourne family.
“We had marketed the Alex Hotel for a number of months prior to submitting it to the national auction series,” Blennerhassett said.
“As a direct result of communication with our metro agents across Australia in the auction lead-up, a buyer was introduced from Sydney.
“This buyer would not have actively sought out the opportunity otherwise and was referred by one of our Sydney agents.
“As a result, an unconditional contract was signed prior to the auction.”
Blennerhassett added that the Sunshine Coast is attracting strong investment enquiries from southern markets on the back of strong growth – the Sunshine Coast is one of Australia’s fastest-growing regions.
