Darwin’s popular Beachfront Hotel has been listed for sale. The 7000sqm commercial land holding enjoys uninterrupted vistas across picturesque Nightcliff Beach and is located within close proximity to the City’s CBD, Hospital and the NT’s largest retail centre – Casuarina Square.
Having most recently sold the Parap Tavern in Darwin to Charter Hall, HTL Property Directors Brent McCarthy and Glenn Price have been exclusively appointed to manage the hotel sale.
“This will be the first significant freehold going concern hotel sale seen in Darwin for over 10 years, and as such we expect strong local and interstate interest given both the quality of the property and the patent growth in the region,” said HTL Property’s Brent McCarthy.
Presented immaculately, the Beachfront Hotel draws robust revenue from food, beverage, gaming and drive-through liquor retail centres.
“Annual revenue generation already exceeds $10,000,000 per year, and the opportunity to draw upon additional revenue levers exists in clear fashion,” added McCarthy.
Already regarded as the city’s premium offering, the Beachfront Hotel is set to benefit further from the fast growing Darwin population base, with a 30% uplift expected by 2030.
“In addition to the pace of population growth, the $43bn private and government infrastructure spend will double the GDP; and is underwritten by the $8bn defence allocation and $22bn ASEAN power link project,” said HTL Property Director, Glenn Price.
The sale process for the Darwin flagship follows HTL Property’s 2021 national record sales of both Sydney’s Vineyard Hotel ($68 million), and Byron Bay Region’s Hotel Brunswick ($68 million) on behalf of David Gyngell and Delvene Cornell.
“We’ve operated an office out of Darwin for a decade, and the combination of the significant infrastructure spend, Qantas’ landmark decision to fly long-haul to Europe out of the city, and the level of astute investor interest has meant deal flow has been very rewarding,” said HTL Property Managing Director, Andrew Jolliffe.
“We’re long the region, and maintain a strong buy rating on the hospitality and tourism property sector across the NT. Accordingly, we hold the considered view that wholly superior and sustainable returns are available to active investors willing to assess unique opportunities in Darwin such as this one.”
The sale process is to be conducted via an international EOI process, closing March 30, 2022.