The idyllic Stradbroke Island Beach Hotel has come to market, as the dominant hospitality business on the Queensland tourist destination.
The Hotel, known as Straddie Day Spa for its resort-style facilities, occupies a big 3,267sqm headland site at Point Lookout – the eastern-most point on the Queensland coast – offering panoramic ocean views and direct access to Point Lookout Beach.
The business incorporates a main bar, bistro, beer garden, function room, TAB and gaming room with 15 EGMs. It offers 13 accommodation rooms, and management rights for another 16 rooms in an adjoining complex.
The Straddie has an onsite bottleshop, plus the only other retail liquor site on the island of roughly 2,000 dwellings, at nearby Dunwich. It also holds rights to two further satellite bottleshops.
The vendor is Gold Coast developer Bob Hill, who purchased it in 1996, and undertook a massive refurbishment around a decade ago.
He has engaged CBRE Hotels’ Paul Fraser to market the property.
“This landmark asset, situated in one of Brisbane’s most visited holiday destinations, offers multiple income streams, delivering a strong upward trending cash flow and bottom line business,” says Fraser.
“The incoming owner will reap the benefit of a strong initial yield in addition to huge upside and revenue growth opportunities, particularly through the food and function offerings.”
Fraser would not be drawn on price, but the heat in the south-east Queensland market could see the Hotel attract in the region of $15 million.
The Stradbroke Island Beach Hotel and Resort Spa is for sale via Private Treaty.