Premium Australian Beachfront Resort Trades in $120M Deal
- Aug 01, 2008
Seahaven Resort on Noosa Beach in Brisbane, Queensland, has just come under new ownership, courtesy of a $120 million deal. With the assistance of real estates services firm CB Richard Ellis Inc., entities associated with Melbourne, Australia’s Carter Group and Michael Callaghan of Sydney sold the property to a group involving Brisbane’s Consolidated Properties, London-based BlueSky Capital and an international consortium of investors. Seahaven Resort is the last substantial freehold property on popular Noosa Main Beach. Seahaven, which has operated under the same ownership for the last three decades, sits along Hastings St. in one of the most coveted shopping strips in Australia. The property features 48 units accounting for 66 keys, 12 retail shops and an underground parking facility to accommodate 77 vehicles. Additionally streetscape renovations totaling $9.8 million recently concluded. BlueSky supplied the equity and debt financing for the partners’ purchase. Both the local and international markets were represented during the marketing process, which lured hotel companies, residential developers and private investors alike. In addition to its prime location in an area with high demand for resort accommodations and retail, the property commanded great attention among hopeful investors given its potential for redevelopment, according to CBRE. While the new owners have not revealed any details for future plans, Consolidated will handle decisions regarding new construction or other changes.