Horseshoe Bay resort business and freehold up for sale
Investors from down south have “gone crazy” wanting to acquire a piece of paradise on Magnetic Island.
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Investors from down south have “gone crazy” wanting to acquire a piece of paradise in Horseshoe Bay, says Colliers Townsville.
The firm is marketing for sale Magnetic Sunsets Resort which commands a key position on the bay’s seafront Pacific Drive commercial strip.
The holding includes six holiday apartments and manager’s unit, a restaurant leased by Sandi’s on Magnetic, a retail outlet leased by Horseshoe Bay Convenience Store and land including the restaurant which has the potential for further development.
Colliers associate director Angelo Castorina said the interest was very strong.
“It has gone crazy. We’ve had up to 2200 viewings on the website and up to 65 inquiries so far, all from down south,” Mr Castorina said.
“It’s a good opportunity because you have a lot of flexibility.”
The freehold and business are being sold as a going concern.
The owner enjoys income from the resort, while the restaurant and retail outlet, which both have five-year leases from March, provide good passive income.
An opportunity exists, subject to council approval, to develop land at and behind the restaurant for multi-level development similar to the adjoining holiday apartments.
The holding has nine separate titles, all owned by the current owner.
The self-contained units have ocean views and access to an outdoor swimming pool, barbecue facilities and free parking.
They are being sold on a “walk-in, walk-out” basis inclusive of furniture, chattels, appliances, cutlery, linen, curtains etc.
The land is in a Mixed Use Zone and comprises a total area of 1619 sqm including the licensed restaurant with outdoor kitchen and beer garden and a 162 sqm retail outlet which services the whole bay unopposed.
The property is for sale by expressions of interest closing on May 12.
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Originally published as Horseshoe Bay resort business and freehold up for sale
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