The ASX-listed Abacus Property Group has divested an underperforming NSW South Coast asset, as opportunities continue to flow from China.
The Mariners Waterfront Hotel is located on 5393 m² of prime frontage onto Bateman’s Bay, with development opportunity and favourable business zoning. As well as 40 motel rooms overlooking the water, it possesses 12 gaming entitlements, a large bistro and public bar with 24-hour licence.
It was bought by an unnamed Chinese investor for an undisclosed price as Abacus shuffles its portfolio to focus on core assets, which are predominantly in office space, commercial and retail.
The off-market sale was conducted by Ray White Hotels’ Andrew Jolliffe and Knight Frank’s Mike Wheatley, who specifically note the current Chino-Australian environment. Jolliffe, headed to Hong Kong this week for trade conferencing, told PubTIC this channel is more important than ever.
“Ray White Hotels Australia is wholly committed to exploring opportunities presented by the commencement of the Asian Century, as a means of extracting maximum value for both our domestic and international clients.
“We’ve invested considerable human, financial and strategic capital into Asia-based deal and capital origination. Our high-performing Hong Kong and Beijing offices, coupled with the unique relationship enjoyed between the Ray White Group and the China Council for the Promotion of International Trade (CCPIT) are key factors underpinning our strategy and resultant success.”