The wealthy Flannery family has listed its The Sun hotel at Byron Bay, expecting north of $10 million.
KTQ Group is owned by the family and steered by Peggy Flannery.
In 2014 the company developed the large-format venue on a 7,653sqm lot a few minutes’ drive from Byron’s Belongil Beach.
The Sun holds a full hotel licence, offering public bar and TAB, bistro, two kids’ play areas, drive-thru bottleshop, and plenty of parking. It also operates a courtesy bus, between Sunrise and Ewingsdale, picking up groups of four or more people.
KTQ Group is responsible for many high-end projects, recently including the $180 million development at Kirra Beach, on the Gold Coast.
The Group has operated The Sun for the past seven years and suggest ‘fresh eyes’ are in order.
“We feel that input from a new operator is needed now to take this incredible venue into the future,” offers KTQ development director Jeremy Holmes.
The past year has seen an amazing increase in people wanting to move to the Byron area. Domain’s house price report for January puts the area at the highest growth rate (37pc) of anywhere in Australia; a home owned by businessman Geoff Morgan recently sold in just five days for $22 million, to the founder of Rip Curl, Brian Singer.
In hospitality, Fraser Short teamed with the Laundys last year to buy Byron Bay’s The Farm for circa $16 million, then again last month to buy the nearby Lennox Hotel for $40 million.
The Sun is tipped to be of interest to both hotel operators and domestic or international high-net-worth individuals.
The Flannerys have engaged CBRE Hotels’ Paul Fraser, who notes the Byron area’s recognition as a “global destination” that attracts more than 2.2 million tourists each year.
Freehold going concern of The Sun hotel at Byron Bay is being offered by Expressions of Interest.
