Broadbeach timeshare resort sold for $45 million
TIME’S up for a Broadbeach timeshare resort located on a prime beachside site which has sold to a private investor for $45 million.
The Voyager Resort was snapped up following a four-year road to market for the 3,000 timeshare holders, most of whom bought into the 16-storey building when it was launched in the mid-1980s.
Kollosche commercial sales agents Adam and Tony Grbcic fielded 155 enquiries during a five-week expressions of interest campaign.
The 2,070sq m site on the corner of Old Burleigh Rd and Elizabeth Ave offers sweeping ocean views with no height restriction on future development.
“There was heated competition for this site because it can’t be replaced,” said Adam Grbcic.
“About 80 per cent of this inquiry was local, including a mix of high-net-worth investors looking for lank bank opportunities, developers wanting key sites for this property cycle or future cycles, and hotel operators.”
About 26 offers were received in the first round, with the top ten invited to participate in a second round, he said.
“Two offers were selected and presented to the owner who did their own legal due dilligence before making a final decision.”
The exact sale price was $45,001,680.
Tony Grbcic said each of the time share owners — some owned multiple shares — would receive a pro-rata sum from the sale.
The landmark building has hosted generations of holidaymakers over the years, with ownership rights generally tightly held within families.
Timeshare accommodation boomed in the 1980s as a relatively affordable means to “own” a Glitter Strip holiday home — if only for a set number of days each year.
The concept has become outdated with the evolution of the holiday accommodation industry, with other well-known timeshare resorts also recently sold.
The Sandy Point Beach Resort at Labrador sold for $26.48m in July following a marketing campaign by Avanti Commercial, while Tiki Village at Surfers Paradise was snapped up for $30.5m.
Tony Grbcic described the Broadbeach site as a particularly rare freehold opportunity, located at the heart of a thriving retail and entertainment precinct and just across the road from the sand.
“The appetite for that kind of site was overwhelming. We had really strong inquiry, and what was really surprising was the quality of the buyer as we had strict instructions to attract cash offers with no due diligence clauses,” he said.
The hotel comprises 62 one-bedroom units, two levels of basement parking, and guest facilities including a pool, spa, sauna and tennis court, and offers strong holding income from short-stay holiday or permanent rental accommodation.
Future plans for the site have not been disclosed.