Property sales reaching $20m

By Rebecca Walker

MORE than $20 million worth of prime commercial property in the Whitsundays has sold, proving there is still high demand for business opportunities in the region.

The Shute Harbour Motel is under contract for $9.1 million to a southeast Queensland developer.

Built and operated by the McInerny family, the motel has been operating since 1965 and developers have been eyeing off the 8900sq m waterfront property for years.

Closer to the central hub, Jubilee Central Shopping Centre and an adjoining 2000sq m site has been sold for $7.5 million to a regional investor. Meanwhile, the site of the old Oceania Dive shop on the corner of Broadwater Ave and Shute Harbour Road has been sold to a Brisbane investor for $1.75 million.

And in Cannonvale, a development site on Jessie Way, off Stewart Drive, has fetched $3.325 million.

The 18,000sq m waterfront site, which has preliminary approval for a 38-apartment development, was sold to Morvale Group.

PRDnationwide Whitsunday principal Christie Leet, who handled the sales, said it was "fantastic" everyone was buying positively and quickly again after the cautiousness apparent 12 months ago.

"It will bring a new wave of development in the region about 12 months from now," he said.

Meanwhile, buyers are also snapping up houses and apartments.

Ray White Whitsunday principal Mark Beale said his Airlie Beach agency had record sales of more than $12.5 million for October and expected similar figures for November.

Mr Beale said buyers were mostly owner/occupiers purchasing homes in the $600,000-$700,000 bracket.

He said the influx of baby boomers and retirees seeking the Whitsunday lifestyle, along with strong interest from investors, had prompted the high number of sales.


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