Auction success for Nelson Bay motel and apartments

Sydney, 3 September 2013 - Two accommodation properties have been sold in idyllic Port Stephens for a higher than expected price.

The Peninsula Nelsons Bay Motel & Apartments and the Peninsula Palms Motel at 52 and 54 Shoal Bay Road, Nelson Bay, NSW, were sold ‘in one line’ by public auction on 22 August 2013.

Five parties competed for the properties, with the winning bidder paying $4,046 million.

Andrew Jackson of CBRE Hotels sold the properties in conjunction with Ray Larkin of Manenti Quinlan & Associates.

Mr Jackson said that they were exceptionally pleased with the auction result.

“There was huge interest in these two properties and the auction was hotly contested.  The owners are thrilled with the price, which was higher than expected,” said Mr Jackson.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue).  The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at About CBRE Group,Inc.