The Beachcomber Hotel in Toukley sells for $20m
The Beachcomber Hotel on the Central Coast has found a buyer, selling for $20 million.
The ‘Beachie’ which has been held for 25 years by the same owner, sits between two Great Lakes and the Pacific Ocean, and has been bought by Oscars Hotel Group.
It is set to be relaunched as a beach club and 4-star resort venue, with 80 rooms, multiple indoor and outdoor bars, restaurants and six function rooms.
Guest facilities will include a 20m pool, sauna, gym and wellness centre.
“After a long period of custodianship, the facility is ripe for evolution and the transaction evidences the continued flight to hospitality assets counting waterfront attributes foremost among their list of unique investment qualities,” JLL’s Managing Director John Musca said.
The lawns of the property stretch down to the water’s edge, while it is located just 90 minutes from Sydney.
The sale comes off the back of another waterfront transaction, the Lennox Hotel in northern NSW.
It was bought by the Laundy Family in association with Sydney Collective for $41m.
“The weight and diversity of capital remains strong for the hotels nationally at present and, although not indiscriminate, suitors are evident across the board for investments within the highly protected and resilient asset class”, Mr Musca said.