The Don Pancho Beach Resort in Bargara is to be offered for sale via an Expressions of Interest campaign, with CBRE Hotels’ agents Hayley Manvell and Wayne Bunz exclusively appointed to manage the sale.
The 3.5 star rated resort, currently operated under a time share model and managed by Classic Holidays, is situated on a freehold 3,940sqm beachfront site in Bargara – a seaside town, 14 kilometres east of the Bundaberg CBD.
The resort offers frontage to Kellys Beach and is situated opposite the Bargara Golf Club.
The multi-level Mediterranean styled resort complex comprises 44 self-contained units (including a two-bedroom manager’s residence), restaurant, conference room, undercover car parking and recreational facilities, including a swimming pool, BBQ area, and half-court tennis court.
CBRE Hotels’ National Director Wayne Bunz said the irreplaceable beachfront site, coupled with the property’s significant development potential, would appeal to a broad buyer pool from hotel owner operators through to developers.
“The recent success of boutique properties such as Halcyon House, which was a similar asset to Don Pancho Beach Resort prior to a refurbishment, is testament that there is significant demand for this style of product and that a hotel with an incredible location can be a destination in itself,” Mr Bunz said.
Ms Manvell added; “There is a genuine scarcity of quality beachfront sites in the area and this particular site offers strong future development potential. This is a significant value-add opportunity, with the property affording the opportunity for an incoming owner renovate and reposition the existing product or, alternatively, redevelop the large footprint and establish a new plan with modern waterfront villas.”
The asset is being offered for sale under instructions from the statutory trustees, via Expressions of Interest closing November 29, 2018 at 1pm (AEST).