Australia's Byron Bay hotel remains on market for $75M

(Max Twigg's 49,352.53 square-foot property was once owned by writer and director John Cornell of the Crocodile Dundee series for $65 million. )

Byron Bay’s Beach Hotel remains on the market, with an asking price of $75 million. Melbourne-based owner Max Twigg and his associates recently turned down a $58-million offer.

RE/MAX Coastal real estate agents Matt and Lainie Towner, the agents marketing the property, said in a statement that Twigg bought the property in 2007 for a record $65 million from Australian film producer and actor John Cornell, who developed the beachfront hotel for $9 million in 1990 and owned it until 2007.

Melbourne entrepreneur John van Haandel‘s lease on the property and its pub ends in mid-2017, but he may opt to extend it with two 10-year leases. Towner noted that if sold, van Haandel must continue to manage the property.

The Beach Hotel’s pub brings in $4.2 million in revenue annually. According to CoreLogic, Twigg, who is also a racecar driver, spent $44 million to construct it in June 2007. 

The hotel was originally on the market last June with an asking price of between $75 million and $80 million, but did not sell. If it sells for $80 million, the yield would be 5.3 percent.

Matt Towner said more than one party is interested in negotiating to purchase the property, including many very high-end investors.