A locally based esteemed hospitality entity, the Tirumalasetti Group, has purchased the Bayswater Tweed Motel.
Located at 129 Wharf Street, the 3,341sqm site comprises 38 guest rooms spanning two levels, complemented by a manager’s residence, a vacant restaurant and bar with a full commercial kitchen, versatile conference and function facilities, a swimming pool and onsite car parking.
CBRE’s Hayley Manvell and Mark Witheriff managed the sale on behalf of advisory and investment firm KordaMentha as the appointed receivers and managers.
“The marketing campaign garnered strong interest from the market, piquing interest from motel owner operators, government and social welfare groups, developers and high net worth individuals,” Ms Manvell said.
“With over 175 enquiries and 16 offers received, the result solidifies the fact that assets of this scale, location and with value-add potential, be it development or operationally, are highly desirable, especially within key coastal areas of Northern NSW and the Gold Coast, underpinned by the limited supply of freehold assets up for offer.”
Mr Witheriff added, “The southern end of the Gold Coast and Northern NSW, particularly around the Tweed Shire, has become one of the most sought-after lifestyle precincts due to the coastal location. There has been significant population growth within the region which now supports a broad range of employment drivers, such as the new Tweed Hospital, and the booming tourism industry.”
“Northern NSW is quickly becoming a focal point for investment due to its gateway location to the region, with the ability to utilise the Gold Coast International Airport and the Pacific Highway to connect the location to Australia’s tourism and lifestyle markets.”
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