The Peppers Airlie Beach resort in north Queensland, Australia, is on the market via an International expressions of interest campaign.
CBRE Hotels’ agents Wayne Bunz, Paul Fraser and Hayley Manvell have been appointed to manage the sale on behalf of the appointed receivers, Matthew Caddy and Jamie Harris of McGrathNicol.
“The Whitsundays’ region has been the subject of renewed investor interest thanks to a strong rebound in tourist arrivals post Cyclone Debbie, and the reopening of island resorts, including Intercontinental Hamilton Island and Daydream Island,” said Manvell. Fraser noted values in regional areas are significantly below replacement cost. “This imbalance, combined with the strong performance of Australia’s major leisure markets in a lower Australian dollar environment, is spurring buyer interest in available investment opportunities.”
The Peppers Airlie Beach offering comprises 56 one, two- and three-bedroom apartments and three villas with four to five bedrooms. The remainder of the 106 apartments and villas in the complex are held in private ownership. It also includes the resort management rights for the entire complex in addition to central facilities such as the resort reception, Tides Restaurant and Bar, a meeting and conferencing venue and a commercial space that is currently vacant.
The resort is situated on the Port of Airlie Marina and the Coral Sea Coast. It is within walking distance of the Airlie Beach CBD.
The resort is managed by Accor under its luxury Peppers brand, but is being sold with the opportunity for investors to rebrand. “The sale offers a purchaser the opportunity to sell down the individual apartment stock under a management rights model, while also allowing an incoming owner the flexibility to sell the apartments on either a short-, medium- or long-term basis,” Manvell said.
Expressions of interest close October 17, according to the company.