National specialist firm HTL Property, in conjunction with Ray White Commercial Queensland, is thrilled to announce the sale of Coffs Motel & Villas - Coffs Harbour.
Exclusively appointed by insolvency and restructuring expert, Bill Karageozis of McLeod and Partners, HTL Property and Ray White Commercial Queensland coordinated the sale via a public Expression of Interest campaign.
The Expression of Interest campaign saw more than 120 enquiries, 11 formal Expressions of Interest; and resulted in a successful unconditional offer from a private investor.
Coffs Motel and Villas, built in circa 1965, is situated upon an 8,535 sqm* land parcel and offers 37 rooms and villas.
The property is located at the mid-way point between Brisbane and Sydney; and benefits from a Development Approval for an 83-room full-service hotel.
“We were overwhelmed with enquiry due to the precision of our marketing channels covering all avenues necessary to achieve such a strong result in a market that had seen 7 interest rate rises within 7 months” commented Ray White Commercial Managing Director and Partner, Michael McCullagh.
“The benefit of print, digital and database marketing cannot be denied its position as the best to-date strategy to achieve premium results” added McCullagh.
“With over 20 formal inspections and such a high-volume of enquiry, it was particularly pleasing to see how much capital is circulating within the market” added HTL Property Director, Nic Simarro.
“Following our sale of Lookout Mountain Retreat in neighboring Dorrigo, it was rewarding to be involved in such a strategic marketing process for this property” continued HTL Property Director, James Carrick.
“Should there be one thing to take from this process; it is that well located accommodation assets, and in particular those with existing approvals, continue to be highly sought after by both private and institutional capital” concluded Carrick.
