By Clyde Mooney
The landmark Dee Why Hotel and associated Dee Why Liquor Superstore have been put on the market by the Bayfield family in a consolidation of their hotel interests.
The recently re-developed venue is located on a high-profile site in the heart of Sydney's northern beaches and is part of the $250 million Dee Why Grand development completed in 2010.
Having recently sold the Caringbah Inn to ALH for $44 million, a spokesperson for the Bayfields told TheShout that the sale represented a "decision to retire some debt".
Joel Fisher of CBRE Hotels and Andrew Jolliffe of Ray White Hotels have been appointed exclusive agents for the transaction, which is expected to attract significant private and institutional buyer interest.
CBRE's Fisher points out the potential of the re-modelled 1400 sqm hotel and that the new construction offers other buying advantages.
"The hotel has the added benefit of being situated in a newly constructed building, which offers significant depreciation benefits as well as organic growth, in particular from the gaming revenue as the business matures," he said.
Ray White's Jolliffe said the incoming purchaser will have excellent licensing and gaming opportunities, coupled with the venue's lack of local competition.
"Both properties have limited competition in the surrounding area and benefit from being located on a prominent corner site on Pittwater Road, the main arterial through the Northern Beaches," he said.
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