By Andrew Starke
The Centro Properties Group has moved to capitalise on what it says is ‘strong demand’ for hotel investment opportunities in south east Queensland.
CBRE Hotels has been appointed as the selling agent for The Wallaby Hotel, Mudgeeraba and Runaway Bay Tavern, Runaway Bay.
Both properties are majority leased to Liquorland under 15 year agreements which commenced in July 2001 and includes two 10 year options.
The Runaway Bay Hotel occupies an irregular shaped, 12,080 square metre site located on the corner of Morala Avenue and Lae Drive within the Runaway Bay Shopping Village precinct.
The Wallaby Hotel site is 6,533 square metres in total and is located between Railway Street and Robert Street in Mudgeera. The hotel is located within the village retail/commercial precinct of Mudgeera approximately 72 kilometres south of Brisbane.
CBRE Hotels’ Joel Fisher will steer the sales campaign following the recent successful sale of four Centro pubs in deals totaling $26.2 million.
Fisher said similarly strong buyer interest was expected in the Centro portfolio, underpinned by the strength of the tenancy covenants to Coles Group subsidiary Liquorland (QLD).
“Both properties offer long term development potential subject to the existing leases and we believe this will help generate strong interest nationwide in the sale campaign,” he said.