- Byron Bay's The Sun Hotel is up for grabs amid ongoing interest
- CBRE Hotels will direct an Expressions of Interest campaign for the sale
- The hotel will be sold with a full hotel licence - a highly sought after commodity
The Sun Hotel has been listed for sale on behalf of the Flannery family’s KTQ Group, citing strong ongoing interest in Byron investment opportunities.
The hotel occupies a 7,653 sqm freehold landholding and comprises a bistro, drive-thru bottle shop, TAB and separate bar, with a broad range of land uses permissible given the site’s B4 Mixed Use Zone.
This provides future development upside and allows for a potential repositioning of the site for multiples uses, including childcare, residential, retail, and industrial subject to the relevant planning approvals.
KTQ has appointed CBRE Hotels National Director Wayne Bunz and National Pubs Director Paul Fraser to steer an Expressions of Interest campaign for the sale of the Bayshore Drive property.
KTQ Development Director Jeremy Holmes said the group feels it is time for a new operator to take the venue into the future.
“The natural setting is remarkable and the building itself is ideal for locals and visitors with its vaulted ceilings, timber floors and deck looking out to the bushland beyond. We have thoroughly enjoyed developing and operating this venue over the past seven years,” Mr Holmes said.
The hotel is being sold with a full hotel licence, a “highly sought-after commodity in the Byron Bay Local Government Area (LGA)” according to Mr Fraser.
“Located in Byron Bay’s Burgeoning North Beach, the asset has a captive market, no immediate competition and is situated in a significant growth corridor,” Mr Fraser added.
Mr Bunz said the property has already attracted a number of interested parties, following a series of prominent “Northern NSW sales, including Bower Byron Bay, Byron at Byron, Byron Bay Beach Hotel, The Farm Byron Bay and the recently announced sales of the Lennox Hotel and the Byron Bay Backpackers.”
“Byron Bay is now recognised as a global destination attracting more than 2.2 million tourists annually. We are very confident that we will attract interest, not only from traditional hospitality groups but also from high net worth individuals, both domestically and internationally,” Mr Fraser concluded.
Unless sold prior, the Expressions of Interest campaign closes on 30 March 2021.