Greenwell Point hotel development site hits the market

Greenwell Point hotel development site hits the market
Greenwell Point hotel development site hits the market

The Greenwell Point Hotel and development site has been placed on the market.

There are two components to the site:

  1. The Greenwell Point Hotel, subject to a lease terminating in June, 2022. Annual Net Rental as at June, 2017 is $361,694 + GST with annual increments of 3% thereafter. The land size of the hotel component is 3,408 square metres. The hotel includes 15 gaming entitlements. 

  2. The second component is vacant land adjacent to the hotel. The land size of this component is 1,853 square metres. This component is not subject to the lease. 


The real attraction of the asset is the fact that a purchaser has rental income while preparing for the development.

Brokers appointed to sell the hotel are Manenti Quinlan and Associates and Thomas Cooper and Company.

Gerry Quinlan stated “It is rare to find a location where a hotel is unopposed. This is the case at Greenwell Point.”.

The future of the area is secured by the Shoalhaven Tourism Masterplan that sets out a clear vision for the future.

There is already an approval for a $25 Million tourism development at Greenwell Point which underpins the quality of the location.

Richard Thomas of Thomas Cooper and Company stated, “The value of the asset is underpinned by the unique location, the potential development, the valuable 15 gaming entitlements and current rental stream.”.

The region has a population base of over 100,000. It is the gateway to the South Coast.

The region has a strong commercial hub along with ever-growing tourism.

The proximity to Sydney, Wollongong and Canberra provide a large population base on which to draw.

The sale is by expressions of interest which close on Thursday 6th April, 2017.

Tags: 
Tourism Greenwell Point

Comments

Be the first one to comment on this article
What would you like to say about this project?