Reflections at Coolangatta has been sold to ‘beachshakz’ as manager for an investment syndicate of astute investors.
A truly “super rights” offering, one of the largest to come to market on the Gold Coast has been transacted.
Situated in the heart of Coolangatta, directly across from Greenmount Beach, Reflections Coolangatta Beach is renowned for its prime location and exceptional visitor appeal. This premium property comprises two iconic towers, ‘Reflections on the Sea’ and ‘Reflections Tower 2’, offering a total of 202 luxury apartments.
The property boasts a huge net operating profit and a very healthy body corporate salary.
With a high occupancy rate of over 92%, significantly above the Gold Coast average of 67%, this property stands out as a premier holiday destination. The property has received multiple awards, including the 2020 TripAdvisor Travellers’ Choice and back-to-back Best of Queensland Experience awards in 2022 and 2023.
Ms Tracey Egan, Head of Customer Experience, beachshakz, commented “we are so pleased to have secured this iconic asset in the Southern end of the Gold Coast. We have been monitoring the market for the last twelve months or so – Reflections at Coolangatta satisfied all of our purchase criteria – a high bar that we set for the protection of our investors”.
Mr Paul Mueller from Ras360 brokered the deal. He said “it was a challenging transaction given its super-size, but we are thrilled to have brought the parties together”. He went on “I’ve been dealing with beachshakz for the last year or so. They’re an exciting newcomer on the Gold Coast scene. They have a first-class management team and the experience to match. I like their ideas for transforming the management rights business model and I have to say, their ideas around technology and the customer experience are really world-class”.
Mr Mueller was able to disclose that the business was sold on a multiple of just over 6 x net income.
Ms Egan concludes “we are interested in speaking with potential investors who wish to participate in the growth of this very exciting business”. Interested investors should contact beachshakz directly at info@beachshakz.com.au.
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