06 Sep 2022
Words Resort News

Mantra Quayside Port Macquarie fetches circa $10 million

Northern New South Wales Broker Greg James says the circa-$10 million price tag of both the freehold and Management Rights is indicative of the continued domestic drive boom.

“The Mantra Quayside provided a compelling investment opportunity on many levels and attracted strong interest from a range of industry players,” he says.

“Boasting both waterfront and CBD views, this outstanding property has a total of 42 units, all of which are in the letting pool because it’s zoned as short term.

“On its own, the asset presented as a rare and lucrative investment. Add in its location at Port Macquarie, which is hugely popular with the drive tourism market, along with the city’s robust and diverse economy, then you have all the ingredients for a ‘no brainer’ business decision.”

ResortBrokers Managing Director Trudy Crooks says they ran a large campaign which attracted a lot of interest but the property remained in the hands of locals.

“This is a big sale for Port Macquarie and is in line with other sales of record per-key rates that haven’t been seen outside the Sydney CBD,” she says.

“It’s a continuation of the trend towards coastal properties which are starting to attract serious investment.

“But despite all the bids submitted to the vendors, they wanted to keep it in local hands. There were a lot of disappointed buyers.”