Price set at $60m for Hobart’s MACq 1
Hobart waterfront’s jewel in the crown has attracted international buyer interest since it hit the market a week ago.
Local developer Vos Group announced late last year that it intended to sell MACq 01 and six prime retail tenancies — six months after the acclaimed hotel opened its doors for business.
Despite a $60 million price tag — placing it well above the previous highest commercial sale for Hobart — buyers have not been put off, says the group handling the sale.
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“I’ve just come back from a roadshow through Asia and it has certainly been well received there and among domestic groups as well,” says JLL Hotels & Hospitality Group executive vice president of investment sales Peter Harper.
Harper says MACq 01 is one of Australia’s newest 4.5-star luxury hotels with few peers nationwide. Traditional investors and new entrants to the market will be drawn to the asset’s incredible attributes and secure income profile, he says. It is leased to Federal Group.
“People understand the dynamics of the Tasmanian economy now and are quite bullish about the long term outlook off the back of inbound tourism and marketing,” Harper says.
Vos Group director Darren Vos says the sale of Macquarie Wharf 01 will allow Vos to focus on other property development projects.
People are on the lookout for this type of investment opportunity but they can be few and far between
Vos has two land subdivision projects going through design approval process — at Boat Harbour and Legana.
It also has two large unit developments — one at Prospect and the other, North Shore Hobart, located at the Claremont Golf Course.
Vos says there are few hotel investment opportunities available in Australia.
“People are on the lookout for this type of investment opportunity but they can be few and far between,’’ he says.
“We are positive that it will achieve a good result.”
Vos Group is also in the final stages of leasing the last remaining commercial tenancy in Macquarie Wharf 01, a 379 sqm site with expansive water frontage and the hotel guests on its doorstep.
Vos says there has been a considerable level of interest, from microbreweries to restaurants.
“We have excellent tenants in the building and we are keen to add another to the mix that will complement them,” he says.
This article from The Mercury first appeared as “Vos Group expecting wide interest after setting a $60 million price tag for MACq 01 hotel”.