ResortBrokers has settled the sale of Southport Motel & Apartments, transacted by Director Alex Cook and brokers Miguel Bozina and Nathan Benjamin.
“We’re delighted to have secured a result for our client that significantly exceeded their expectations,” said Mr Cook.
The 23-room, 15-apartment motel was acquired by an experienced multi-asset motel operator on the Gold Coast following a six-week expressions-of-interest campaign.
“Gold Coast motels are very tightly held, and this asset had been in the same family for more than 20 years,” said Mr Cook.
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“Combined with a lack of new supply due to spiralling construction costs, properties like Southport Motel & Apartments are in exceptionally high demand. Buyer interest was extraordinary and reflects the strength of the current motel market,” said Mr Cook.
ResortBrokers’ campaign generated more than 170 enquiries, leading to 17 inspections and eight offers.
“The intensely competitive campaign enabled us to achieve a sale price well above the expressions-of-interest guide price.”
Located on Nerang Street, the main road of the Gold Coast’s central business district, Southport Motel & Apartments caters primarily to corporate guests during the week while leisure and tourism demand drives occupancy on weekends and during school holidays.
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