KTQ Group is moving to sell the Bayshore Bungalows, providing an opportunity to acquire a versatile accommodation offering in the tightly held Byron Bay market.
CBRE Hotels’ Wayne Bunz and Hayley Manvell have been exclusively appointed by KTQ Group’s Brian and Peggy Flannery to manage the Expression of Interest campaign for the freehold going concern interest in the property.
It is one of several Byron Bay assets owned by KTQ Group, alongside the Elements of Byron Resort and Byron Solar Train.
Mr Flannery said, “The appointment continues our strategy of selling down surplus assets in Byron to recycle capital into major development projects such as Serēn and the Kirra Point redevelopment on the Gold Coast.”
The listing follows KTQ Group’s 2021 sale of the adjacent Sun Bistro, which is now known as the North Byron Hotel.
Bayshore Bungalows Resort has been recognised amongst the best hotels in Northern NSW receiving multiple awards, but has been utilised since mid-2022 as short-term staff accommodation for Elements of Byron Resort.
It comprises high-quality guest villas, including six one-bedroom and seven two-bedroom detached bungalows, along with a two-bedroom manager’s residence, each with their own full kitchen.
The resort also features a guest reception within the manager’s residence, tennis court, lagoon style swimming pool, BBQ and outdoor dining facilities, and car parking over an expansive 1ha land parcel 550 metres from Belongil Beach.
Mr Bunz noted, “Byron Bay hospitality and accommodation offerings are always highly sought after given the limited availability of assets for sale and the high barriers to entry for new development projects. As domestic tourism to coastal locations such as Byron continues to flourish, and with increasing numbers of international travellers and working holidaymakers, Bayshore Bungalows offers a strong short-term trading outlook and long-term capital growth potential.”
Mr Bunz added, “With the favourable SP3 Tourism Zone overlay, the asset provides a new owner with the ability to capitalise on significant future development and/or repositioning potential (STCA), including expanding the accommodation offering or repositioning it as a luxury lodge, wellness retreat or flashpacker property under the short-term accommodation classification.”
Ms Manvell said the well-appointed property has been well-maintained and required limited capital expenditure.
“It’s location, a short 550m walk from Belongil Beach, between Elements of Byron and the Byron light solar train, providing easy access to central Byron, is another drawcard,” Ms Manvell said.
“The resort is also being offered for sale with the benefit of vacant possession, allowing ultimate future operational flexibility and an opportunity for owner operators and new hotel brands to enter the hotly contested Byron Bay market.”
Expressions of Interest close June 1, 2023.