There’s barely a person who visits Byron (not to mention the locals) who doesn’t make a pilgrimage to this world famous beachside establishment.
We’re talking of course about the famous Beach Hotel (Beachie, or Top Pub as it’s affectionately known to locals).
Built by probably Byron’s first celebrity couple, John ‘Strop’ Cornell and Delvine Delaney in 1990 at a cost of $9 million, it sold to its current owner, Melbourne businessman Max Twigg for more than $65 million.
The asking price this time around? A mere $75 million! Makes some of those properties on the Belongil spit look positively cheap.
Just in case you’re interested in a quick purchase, Daniel Dragicevich of CBRE Hotels and Tony Bargwanna and Jared Hodge of Ray White Hotels have been jointly appointed to sell the landmark property.
‘This is a rare opportunity to secure the only beachfront hotel in Byron, one of Australia’s leading holiday destinations. The area attracts significant year-round tourism expenditure, with an estimated 1.37 million visitors annually, which will be a key driver of investor interest in the Beach Hotel sale campaign,’ Mr Hodge said.
Mr Dragicevich said, ‘The national hotel investment market has seen a huge spike in values in the last couple of years with the continued low borrowing rate environment directly linking to capitalisation rates – especially for truly iconic properties such as the Beach Hotel.
‘Sales of the Prince of Wales in St Kilda, Melbourne and the Golden Sheaf Hotel in Double Bay, Sydney saw competition generated across various purchaser profiles and we expect a similar market response for the irreplaceable Beach Hotel,’ he added.
The 2-10 Bay Street venue enjoys substantial frontage to the beach and is known for its huge outdoor areas. The large format venue includes multiple bars, a bistro with alfresco dining area, beer garden, a walk-in bottle shop, gaming room, 25 on-site hotel rooms and conference facilities as well as a pool with heated spa.