- Runaway Bay Motor Inn, the most important motel on the Gold Coast, is offered to the Mangu household after a aggressive bidding course of.
- The motel market is experiencing a shift. Properties are being considered as versatile funding automobiles pushed by excessive demand and restricted provide.
The Runaway Bay Motor Inn, a distinguished institution on the Gold Coast, has been offered for the primary time in 30 years after a fiercely aggressive bidding course of. The motel adjustments arms from its earlier house owners to the skilled motel operators, the Mangu household. The sale course of, managed by CBRE’s Hayley Manvell, Taylor Morris, and Mark Witheriff, noticed over 200 inquiries and 14 affords for the 41-room property.
This huge-scale motel boasts a resort-style swimming pool, a restaurant and bar, a perform space, a one-bedroom supervisor’s residence, visitor laundry amenities, and expansive grounds. Its prime location and potential for various use underpinned a pointy yield of two.75%.
The Mangu household, who additionally owns the Tweed Central Motel in Tweed Heads, plans to give attention to operational enhancements for the newly acquired property. Their funding additional underscores a pattern within the motel market—the growing notion of motels as versatile funding automobiles past simply lodging companies.
CBRE’s Hayley Manvell highlighted this shift: “With inventory ranges remaining tight, consumers are shifting to safe high-quality property with long-term upside. The growing shortage of motels, with restricted provide and hovering demand, has underscored a shift in how these property are being considered.”
The Runaway Bay Motor Inn attracted various potential consumers, from moteliers to authorities our bodies, retirement teams, and traders searching for alternatives for strata titling or long-term redevelopment.
Taylor Morris of CBRE identified that the growing inhabitants and tourism development on the Gold Coast have led to a heightened demand for well-located motels. “The aggressive marketing campaign and sheer variety of underbidders speaks volumes concerning the energy of the nationwide motel funding market and South East Queensland,” Morris added.
With the upcoming Olympics and the booming tourism sector, sellers are capitalizing on the present market circumstances. This pattern signifies the area’s sturdy development potential and the compelling returns that this fashion of lodging asset can present for traders.