Alex Hotel on Sunshine Coast sells for $11M

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.

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Alex Hotel has sold for $11 million to Sydney investors. Above: Louisa Blennerhassett. Image: Supplied.

“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.

Article source: Queensland Property Investor