Nelson Bay rebounds as popular holiday destination amid pub sector revival

​Sydney, 30 October 2013 - A private Sydney-based hotelier/developer has acquired the Seabreeze Hotel in the popular New South Wales holiday destination of Nelson Bay for approximately AU$6 million.

Located at 2 Stockton Street, the Seabreeze Hotel is located on a 3,013sqm corner site in the commercial precinct of Nelson Bay. The two-level hotel features two bottle shops, a large public bar with extensive TAB facilities, 13 poker machine entitlements and a 14-room motel.

CBRE’s Daniel Dragicevich, who negotiated the sale in conjunction with fellow agent Joel Fisher on behalf of well-known local developer Bruce Sanders, said the transaction was further evidence of renewed confidence in the NSW hotel market. 

“Over the past few months there has been a significant upturn in activity in the pub sector, particularly in attractive regional locations such as Nelson Bay - and this momentum appears to be continuing,” Mr Dragicevich said.

Mr Fisher said Nelson Bay had benefited from an economic turn-around over the past few months.

“Nelson Bay - much like many tourism-focused areas on the NSW coast – has experienced an economic downturn for some time, but with the lowering of interest rates and change in federal government, consumer spending is on the rise, which is in turn boosting buyer sentiment and helping to drive positive activity in the pub sector.”

CBRE has sold six hotels in the Central Coast and Newcastle region over the past 12 months, including Pippi’s at the Point in Lake Macquarie, the Swansea Hotel in Gosford and the Lakes Hotel at The Entrance.

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 CBRE Group,Inc.