Laundy and Karedis partner to buy Noosa Sheraton Spa and Resort
Jonathan ChancellorDecember 7, 2020
Sydney pub patriarch Arthur Laundy has snapped up Noosa’s iconic Sheraton Spa and Resort on Hastings Street for around $110 million, partnering with the Sydney-based liquor king turned property investor Theo Karedis in acquiring the 176-suite resort.
Valad Property Group sold its Sheraton Noosa resort at one of the highest price per room rates achieved in Australia through McVay Real Estate.
Managing partner Sam McVay said the passing income of the property was about $6.6 million, putting the yield at about 6%, according to The Australian Financial Review.
The reported price represents a rate of $615,000 per room.
The buying syndicate expects tourism on Queensland’s Sunshine Coast is set to grow.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.
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