Coolangatta Sands sold for $16m-plus
One of Queensland’s most popular beachside pubs, the Coolangatta Sands Hotel, has sold to hotelier Joe Irvin in a multi-million-dollar deal.
An international campaign garnered bids from eight groups, spanning a range of interstate private investors and managed funds. But it was the Irvin Hotel Group boss who won out, paying an undisclosed amount said to be between $16 million and $18 million.
The deal was brokered through HTL Property’s Asia-Pacific managing director Andrew Jolliffe, national director Dan Dragicevich and Queensland director Glenn Price.
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Five significant hotel sales have been secured by the real estate firm this financial year, which Jolliffe says reflects confidence in the asset class.
“Beachside commercial property holdings enjoying a prosperous hospitality function and downstream alternative use levers along the Australian east coast, remain maybe the most sought-after of all commercial real estate investment opportunities,” he says.
One of the Gold Coast’s oldest pubs, the Coolangatta Sands offers a restaurant, gaming and accommodation over two levels.
Coolangatta Sands adds to Irvin Hotel Group’s growing portfolio of Queensland hotels, which is now up to 10.
Before the purchase, Irvin sold the Newcastle-based Belmont Hotel, with plans to reinvest within the asset class, indicating at the time he was looking to grow the group’s Queensland holdings.
The pub was previously owned by The Taphouse Group, which is linked to the founders of marketing company Salmat, Philip Salter and Peter Mattick. It was bought in 2005 for just shy of $11 million.
This article originally appeared on www.theaustralian.com.au/property.
