A Gold Coast syndicate has listed the under-management Forrest Beach Hotel, Motel and Caravan park on a massive block overlooking the beach outside of Townsville.
High profile automotive dealer Brett Frizelle, lawyer Dwane Bugden, and publican Neil Haslam have owned the site since 2009. They bought with intention to develop the 22,000sqm (2.2-Ha) parcel and potentially subdivide the businesses, but these plans fell through in the wake of the GFC.
The asset incorporates the “smartly renovated” Forrest Beach Hotel, boasting a large public bar and beer garden with ocean outlooks, commercial kitchen, function space, bottleshop, sports bar, gaming room with seven EGMs and onsite manager’s residence.
Bringing a range of accommodation options to complement the Hotel, the motel offers six rooms, and a boutique caravan park provides 52 powered sites plus camping for around 200.
Forrest Beach is around 20 kilometres east of Ingham, and 130 kilometres north of Townsville. It boasts seven kilometres of pristine beach looking across to Orpheus and Palm Islands, with stinger-protected enclosures.
It is also proximate to the $640m sugar-based NQ Bio-Energy renewable energy project due to begin construction in early 2018, heralding 450 jobs during the build and 250 permanent positions once online.
The passive landlords have operated the property under management remotely, and have determined to shift investments closer to their homes in the State’s south-east.
Rife for redevelopment, break-up or the TLC of an owner-operator, the package asset is being marketed by Resort Brokers Australia’s Shane Mullins and Des Fagg, with price expectations circa $3.5m, representing around 10 per cent yield on current revenue and earnings.
“It is an integrated business, with a lot of options for an incoming buyer,” Mullins told PubTIC. “With 200 metres of absolute beach frontage, it provides an array of future development possibilities.”
