THE owners of a convenience shopping centre on the Queensland central coast have sold the hotel component of their asset after successfully completing a divestment strategy.<\/p>\n\n\n\n
Australian-based Real Asset Management sold the freehold of the Railway Hotel in the Keppel Bay Plaza at Yeppoon to a Brisbane-based private investor for $6.5 million.<\/p>\n\n\n\n
The Railway Hotel and adjacent Star Liquor Warehouse recently secured new longterm leases, expiring in 2033.<\/p>\n\n\n\n
Real Asset Management head of real estate Will Gray said that was the catalyst for the wealth management group to divest and capitalise on the buoyant hotel market.<\/p>\n\n\n\n
\u201cAfter extracting significant value from re-leasing both assets, we have crystallised capital returns for our investors,\u201d he said.<\/p>\n\n\n\n
\u201cWe are continuing to see expenditure growth in Yeppoon and are excited by our proposed redevelopment plans for Keppel Bay Plaza.\u201d<\/p>\n\n\n\n
Real Asset Management bought the shopping centre for $28.1 million in 2016.<\/p>\n\n\n\n
At the time, the shopping centre at 64 James St had a gross lettable area of 6455sq m and was on a 2.3ha site.<\/p>\n\n\n\n
As well as the major tenants it has 21 speciality shops, the hotel and extensive carparking.<\/p>\n\n\n\n
Yeppoon, 38km north of<\/p>\n\n\n\n
Rockhampton, is the gateway to the southern Great Barrier Reef and the famed Great Keppel Island.<\/p>\n\n\n\n
JLL Hotels & Hospitality\u2019s Tom Gleeson, who struck the deal, said the Railway Hotel was the premier venue in Yeppoon.<\/p>\n\n\n\n
\u201cIt\u2019s underpinned by strong trading across all major revenue streams and benefiting from its convenient location within Keppel Bay Plaza,\u201d he said.<\/p>\n\n\n\n
Keppel Bay Plaza is one of 13 convenience shopping centres in Real Asset Management\u2019s Australia Retail portfolio which continues to have assets of more than $370 million and an overall property portfolio of $460 million.<\/p>\n\n\n\n
The firm recently launched a separate medical property fund to tap into the stable, non-cyclical returns available from investing in medical-related facilities as Australia\u2019s population continues to age.<\/p>\n","protected":false},"excerpt":{"rendered":"
THE owners of a convenience shopping centre on the Quee […]<\/p>\n","protected":false},"author":1,"featured_media":25198,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9],"tags":[],"post-type":[],"class_list":["post-28469","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-the-media-zh-hant"],"acf":[],"yoast_head":"\n