Canberra’s Capital Executive sells for first time in 22 years

Tim Svenson

17th of August, 2017
Canberra’s Capital Executive sells for first time in 22 years

The complex deal involved a large-scale unit buy-out.

 

The sale to Madison Hotel Group will see the property undergo extensive refurbishment before relaunching under their new brand as Madison Suites Canberra.

 

The group, run by family business partners Brett Morgan and Beverley Clench, purchased the management rights to the 83-unit apartment hotel on Northbourne Avenue along with 32 freehold units, which the vendor had acquired over a number of years.

 

Negotiated by Resort Brokers Australia on behalf Stanbritt P/L, headed by long-time director and sole proprietor Jim Stanwell, the sale was handled jointly by broker Russell Rogers and managing director Ian Crooks.

 

Mr Rogers said the sale took almost 12 months to conclude as it hinged on Madison Hotel Group also seeking to buy the balance 51 units in the building from individual investor owners.

 

Resort Brokers declined to disclose the total sale price, but noted the hotel management business component alone was priced at close to $3.7 million.

About the author


Tim Svenson

Group Head of strategic innovations
  • t.svenson@resortpublishing.com.au

1934ML - GREAT MOTEL LEASE WITH VENDOR FINANCE OPTION
LEASEHOLD SALE - Wattle Grove Motel, Maryborough VIC - 1P0128
Beachfront business with growth galore, incredible residence and lifestyle  | Resort Brokers ID : MR007248
Rare freehold opportunity in the Byron Hinterland with DA approvals in place! | Resort Brokers ID : FH007246
MOTEL WITH AWESOME VIEWS, TOWNSVILLE CITY
Ideal Add-On! Two Premium Caretaking Only Complexes in West Melbourne | Resort Brokers ID : MRC007245
NEW FARM & KANGAROO POINT BUSINESS-ONLY MLR WITH $280K NET | Resort Brokers ID : MRB007240
Melbourne Caretaking Only Opportunity at Two Modern Complexes | Resort Brokers ID : MRC007247
Passive Investment opportunity with approved DA of 105 rooms, in prime location | Resort Brokers ID : INV007238
Award winning Quest Franchise with long lease and solid performance | Resort Brokers ID : LH007181
consistent performing holiday business + lifestyle in prime coast location | Resort Brokers ID : MR007230
Business For Sale - Caretaking Only - Sunshine Coast - ID 9056 BL
Two Business Only Management Rights in the Inner Western Suburbs of Brisbane | Resort Brokers ID : MRB007237
THE BIGGEST AND BEST REGIONAL ACCOMMODATION PROPERTY AND CONVENTION CENTRE | Resort Brokers ID : FH007221
First time on the market, freehold caravan park | Resort Brokers ID : FH007201
Rare management rights opportunity-no office hours and minimal caretaking duties | Resort Brokers ID : MR007236
2047ML - A CRACKING MOTEL THAT CONTINUES TO GROW
1994MF - CONSISTENTLY PROFITABLE, EASY TO RUN FREEHOLD MOTEL