League legend Norm Provan is hanging up the boots for a second time and selling his interests in the Rydges Oasis Resort at Caloundra and the Beach House Hotel in Hervey Bay.
Provan, one half of the famous NRL Telstra Cup statue with Arthur Summons, has appointed CBRE Hotels to market the two assets - both of which are expected to attract widespread buyer interest.
CBRE Hotels' Associate Director Paul Nyholt and CBRE Sunshine Coast Managing Director Rem Rafter will market Provan's majority interest in the prized Rydges Oasis Resort on Queensland's Sunshine Coast. The Beach House Hotel on Queensland's Fraser Coast will be taken to market through CBRE Hotels' Craig Harley and Peter Ward, of CBRE's Sunshine Coast office.
Offers to Purchase on both properties will close Thursday May 19, 2011
"With Norm nearing his 80th birthday he and his wife Lindy have decided to retire and let someone else take control of their interests in Rydges Oasis and the Beach House Hotel," Mr Nyholt said.
"Both properties are situated in premium locations and offer strong trading histories. As a result, we expect significant local and national interest in the campaign."
Provan developed the Rydges Oasis Resort in stages and controls 170 of the 198 strata titled villas and suites as well as the resort management rights and a significant development site.
The other suites and villas were sold to individual owners when the first stage of the resort was developed in the early 1990s. Twelve of these remain in the resort letting pool.
CBRE's Sunshine Coast Managing Director Rem Rafter said the property was the only major resort at the southern end of the Sunshine Coast, one hour's drive north of Brisbane.
"The resort is very large by Sunshine Coast standards and occupies a significant 4.1 hectare site in a premium location just 150 metres from Caloundra's Golden Beach," Mr Rafter said.
"This will underpin buyer interest as will the potential to further develop the resort, given that a large development lot is being offered as part of the sale."
The resort has been operated long term by Rydges and offers a range of facilities, including a restaurant, pools, tennis courts and the high profile Legends Bar, which was named in recognition of the St George rugby league players upon whom the club bestowed legendary status after Provan captained the team for 10 premierships.
The bar has hosted numerous sporting teams over the years during training camps, with many having left behind memorabilia which adorns the bar walls.
CBRE's Mr Nyholt said the business of the hotel (which involves the caretaking, management and letting agreement) could be offered with vacant possession providing an incoming owner with an opportunity to re-brand the resort if desired.
Also up for sale is the Beach House Hotel - one of Hervey Bay's most popular dining and entertainment venues.
Originally opened in 1900 as the Scarborough, the hotel has been rebuilt several times over the ensuing years.
CBRE's Craig Harley said the sale campaign was expected to generate strong interest from national hotel groups, owner operators and developers.
"In the current market, purchasers are focused on properties which offer diverse income streams and future upside," Mr Harley said.
"In the case of the Beach House, all areas of the existing hotel operation, including the food and beverage offering, gaming, accommodation and the bottle shop business, are performing well and there is considerable scope to build on the existing business. The site also offers significant development potential, with approval over a circa 6,362 square metre site for a complex incorporating a mix of hotel, retail and residential use."
The Beach House offers indoor/outdoor dining, a large beer garden, 25 gaming machine authorities, a drive-through bottle shop and a motel wing which includes 11 rooms and a three-bedroom manager's residence.
The 6,362 square metre site includes 3,271 square metres of vacant land spread across two allotments.
Mr Harley said the property's superb location, which afforded panoramic water views, was expected to be another drawcard for prospective purchasers.