- A western NSW cattle farm is likely to sell for north of $7M.
- Up for grabs is the Savoy, adjacent Melbourne's iconic Brighton Beach.
- Double Bay's InterContinental is on the market, valued over $150M.
This year’s sales are beginning to warm up as we head towards the tail end of January 2023. Two waterfront hotels are on the market, with a regional New South Wales farm to also be sold.
Indicative prices for the three transactions total some $190 million, with recent developments likely to push the price of one hotel well north of its expected asking price.
Wyoming Station to fetch above $7 million
Located on Karpa Kora Road, Moorara, roughly halfway between Broken Hill and Mildura, a 42,716-hectare station has been listed for sale by prominent landholder Robert McBride.
Wyoming Station comprises eight main paddocks, additional holding paddocks, and graded roadways throughout for stock movement, water runs, and time management. Approximately 4,000 Australian Bush Goats are mustered on the property each year.
CBRE Agribusiness’s Phil Schell and Angus Bills are managing the Expressions of Interest campaign, which is due to commence in the coming months.
“Wyoming Station has substantially benefitted from harvesting Australian Bush Goats in the past few years,” Mr Bills said.
“A key feature of the property is the permanent water pipeline supplied from the Darling River, and the 12 earth dams, drastically increasing the availability and water catchment for livestock, whilst not completely relying on rainfall for stock water.”
Mr Schell added, “Wyoming Station is a well-managed pastoral operation that has benefitted from an above average season, drastically enhancing the pasture base for the incoming purchaser.
“We’re expecting strong interest from pastoralists looking to increase their scale, CBD based investors seeking alternative assets, southern graziers searching for a breeding block and corporate groups” he said.
Brighton Savoy on the market for first time in over half a century
Adjacent to Melbourne’s famous Brighton Beach, 150 Esplanade is being sold as a prime development opportunity.
It is the first time the hotel has hit the market in 55 years, the 3,393 square metre hotel comprises 60 rooms, an events facility, and two level basement car park for 80 cars.
The property is being taken to the market via a private sale campaign run by Stephen Kelly, James Thorpe and Langton McHarg of Knight Frank.
Mr Kelly said the property would attract a wide range of local, interstate and offshore buyers with the location being the biggest drawcard, along with the size and development potential of the site.
“We believe this property represents the absolute prime real estate. It is incredibly rare to see a beachfront asset of this scale, in a suburb as exclusive and sought after as Brighton, hit the market, creating a genuine once-in-a-lifetime purchasing opportunity.
“There is also a large amount of inbuilt flexibility for purchasers given the extensive existing improvements which could be retained for a future development, or the buyer could start with a blank slate” said Kelly.
Mr Kelly said the location of the property was unparalleled: “Not only is it in one of Melbourne’s most desirable suburbs, but it is also a corner allotment with three expansive frontages to The Esplanade, Wellington Street and Victoria Street, which when combined total over 175 metres.
“Very, very rarely would anything of this magnitude in a location like Brighton become available for sale, with picturesque views over Port Phillip Bay, Brighton Beach, and back towards the Melbourne CBD. We are confident buyer interest will reflect the scarcity of an offering like this” he said.
Intercontinental Double Bay back on the market
The property was acquired by current joint venture owners Fridcorp and Piety Group in 2021, with the property now back on the market.
The 2021 acquisition was made for $180 million, with the previous owners, Shanghai United, acquiring the property in 2017 for $140 million. It is rumoured the latest price guide for the Intercontinental Double Bay is above $240 million.
The Bates Smart-designed 140-room property at 33 Cross Street has been managed by IHG Hotels and Resorts for the past eight years and is being offered with the potential for vacant possession.
Currently valued at $150 million, the property has undergone a series of significant improvements, with the full details here.
Colliers National Director for Residential, Guillaume Volz, said “In the medium term, and subject to council consent, the property provides the opportunity to be redeveloped into a premium mixed-use project comprising a hotel, residential apartments and retail. We anticipate very strong interest from a wide range of local and international developers and hotel owners,”
Mr Volz said the InterContinental Sydney Double Bay benefitted from its major site area of 3,674 square metres in the heart of Double Bay’s sought-after retail and residential precinct.
