Rainbow Sands Motel at Rainbow Beach sells for $4.4m

A popular holiday destination east of Gympie is poised for a new lease of life after changing hands for a seven-figure sum, and the new buyers already making plans for a renovation.

The Rainbow Sands Motel, located near the entrance to the popular tourist township, was sold at the end of November to a Byron Bay buyer.

A prominent Rainbow Beach motel will move under new management after being snapped up by an interstate buyer for $4.4million.

The Rainbow Sands Motel, located near the entrance to the popular tourist township, was sold at the end of November to a Byron Bay buyer.

Century 21 Platinum agent Paul Downman, who sold the property, said it had been on and off the market for about three years before finally being purchased.

Corelogic RP Data records show it is only the second time the site has been sold.

The only other sale on the property hub’s records was a $160,000 deal in April, 2000.

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The only other sale on the property hub’s records was a $160,000 deal in April, 2000.

Mr Downman said it was a good price for a property in a market where houses were reaching prices of $2-3 million.

The motel itself had drawn interest from across the country, he said.

Its features include 24 dual key motel-style rooms which could double as 12 apartment-style units, individual kitchens and small decks, carports, and a large pool and spa.

Mr Downman said it was originally on the market for $5.2 million with a vacant block attached, but that had been left out of the final deal.

The vacant block was still on the market.

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The motel’s features include 24 dual key motel-style rooms which could double as 12 apartment-style units, individual kitchens and small decks, carports, and a large pool and spa.

Mr Downman said the new owners were planning to give the motel a “small renovation”, and possibly add to the site.

It was a welcome sale for the previous owners too.

He said one was “looking” to retire and the other was “close” to doing the same.

Optimism in the market in 2024 was high, Mr Downman said.

“We haven’t lost our price at all,” he said, adding buyers were still keen to pack up and move to a region where “if you work out where to go you still get good fishing and crabbing”.

“I’m feeling the prices might go up next year.”