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Peppers put on market

FOR SALE: Peppers Airlie Beach is on the market, with the sale to be handled by CBRE Hotels and PRD Nationwide Airlie Beach.
FOR SALE: Peppers Airlie Beach is on the market, with the sale to be handled by CBRE Hotels and PRD Nationwide Airlie Beach. contributed

PEPPERS Airlie Beach is set to be sold after Latitude Development Group handed the business over to receivers McGrathNicol in March.

The resort will be the centrepiece of an international expressions of interest campaign handled by CBRE Hotels and PRD Nationwide Airlie Beach, with a price tag of at least $15 million expected.

Managed by the Mantra Group, regional general manager Winston Hall said it had been business as usual since the receivers moved in.

"Mantra Group has continued to operate Peppers Airlie Beach since the receivers, the current owners of the resort's management and letting rights, took control of the business early this year,” he said.

"Should the receivers sell their management and letting rights, Mantra Group looks forward to discussing their tailored operating models with the new owners.”

While it is too early to say who the new owners might be, CBRE's Wayne Bunz said China-based companies had shown significant interest in the region recently.

"We have been inundated with enquiries for leisure assets of late, particularly from mainland China,” he said.

"Investors are looking to enter key leisure markets and capitalise on their potential for further growth, particularly in light of the softening Australian dollar, which is creating favourable market conditions for the local tourism market.”

China Capital Investment Group purchased South Molle Island in August this year and Daydream Island in February 2015.

CBRE's Paul Fraser said the current economic climate made it a good time to buy.

"Values in regional areas are significantly below replacement cost and this imbalance, combined with the strong performance of Australia's major leisure markets in a lower Australian dollar environment, is spurring buyer interest in available investment opportunities,” he said.

The four-and-a-half star 1.8 ha site features 56 units and three villas overlooking the Port of Airlie Marina.

Peppers is also home to Tides Restaurant and Bar and Endota Day Spa.

Expressions of interest close on October 20.

Topics:  peppers airlie beach, resort, whitsundays


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