The Coral Cay Resort, one of Mackay’s most renowned accommodation offerings, has been listed for sale by its West Australian-based owner.
The 4.0-star resort is positioned along Nebo Road, forming part of the Bruce Highway. Comprising 82 guest rooms of various configurations, the property has undergone a comprehensive capital expenditure program over the past three years.
Located on an expansive 9,148sqm freehold land parcel, the resort is constructed over two levels providing guests with a range of facilities and leisure offerings including the Coral Cay Bar & Grill, meeting and boardroom amenities, swimming pool, gymnasium, sauna and outdoor guest parking.
CBRE Hotels’ Wayne Bunz and Hayley Manvell have been exclusively appointed to run the Expressions of Interest campaign for the freehold going concern interest in the resort.
Mr Bunz noted that the sale provided a strong yielding investment opportunity in a resilient and diverse regional economy.
“The Coral Cay has an established and robust trading history, consistently producing solid profit margins, and is on track to achieve a net profit of approximately $1.47 million this financial year,” Mr Bunz said. “Currently owner-operated, the hotel is being offered for sale with the benefit of vacant possession or to retain Pacific Hotels under a Hotel Management Agreement, providing an incoming purchaser with ultimate future operational and branding flexibility.”
Ms Manvell added, “For the first time, Queensland is Australia’s top-performing economy according to CommSec’s State of States report, buoyed by strong population growth, a growing jobs market and buoyant overseas demand for energy resources, such as coal and natural gas. We expect strong interest in Coral Cay from investors looking to place capital into a growing economy, with demand generators including mining, renewable energy, manufacturing and agribusiness.”
Mackay is undergoing a prolonged period of strong economic development and infrastructure investment across all sectors of its diverse economy, with over $1 billion in projects either in the pipeline or having recently been delivered.
This had helped spur the region’s strong population growth, from circa 117,000 people in 2018/19 to a current population of 130,000, with a population forecast of 170,000 by 2036.
The area is also an upcoming tourist hot spot on the Queensland coast given its close proximity to various Great Barrier Reef islands, beaches and national parks.
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