Runaway Bay Motor Inn: Gold Coast motel sells to new owners after more than 30 years

One of the northern Gold Coast’s oldest motels, and the largest of its kind, has sold after a “fierce bidding war”. FIND OUT THE WINNER

One of the northern Gold Coast’s oldest motels, and the largest of its kind, has sold after a “fierce bidding war”.

The Runaway Bay Motor Inn was snapped up by the Mangu family, which has an extensive background in accommodation and already owns the Tweed Central Motel in the Northern Rivers.

More than 200 inquiries were made and 14 offers were put forward for the property, which had been owned by a Tasmanian family for more than 30 years.

The expression of interest campaign was run by CRBE’s Hayley Manvell, Taylor Morris and Mark Witheriff.

Runaway Bay Motor Inn has sold for the first time in more than 30 years. Picture: Supplied by CBRE

Ms Manvell said there had been a “fierce bidding war” for the motel.

“The depth of interest we saw in the Runaway Bay campaign speaks to the evolving nature of this asset class,” she said.

“With stock levels remaining tight, buyers are moving to secure high-quality assets with long-term upside.

“The increasing scarcity of motels, with limited supply and soaring demand, has underscored a shift in how these assets are being viewed, not just as accommodation businesses but as versatile investment vehicles.”

Runaway Bay Motor Inn has sold for the first time in more than 30 years. Picture: Supplied by CBRE

She said the new owners — Ramesh, Vijayasri and Arun Mangu — would “focus on operational enhancements at the property”.

Ms Manvell said there had been a wide variety of bidders for the motel, which has the potential for redevelopment.

“This was highlighted by the broad range of prospective purchasers for the Runaway Bay Motor Inn, with interest from moteliers, not-for-profit organisations, government bodies, retirement groups, and buyers eyeing opportunities for strata titling or long-term redevelopment,” she said.

Runaway Bay Motor Inn is the largest of its kind. Picture: Supplied by CBRE

Ms Morris said the motel market remained strong for investors.

“The competitive campaign and sheer number of underbidders, speaks volumes about the strength of the national motel investment market and southeast Queensland,” he said.

“With tourism booming and the Olympics on the horizon, astute sellers are taking advantage of current market conditions with considerable capital waiting on the sidelines for motel stock. “Investors are acutely aware of the region’s robust growth potential and the compelling returns this style of accommodation asset can deliver.”

Originally published as Runaway Bay Motor Inn: Gold Coast motel sells to new owners after more than 30 years