One of the bigger players in arguably Australia’s hottest coastal town, Byron Bay, is moving on another of its assets.
Brian and Peggy Flannery’s KTQ Group is putting its Bayshore Bungalows Resort on the block.
The resort has been used since mid-2022 as short-term staff accommodation for Elements of Byron Resort, another of the Flannerys’ properties.
CBRE Hotels’ Wayne Bunz and Hayley Manvell will manage the expression of interest campaign for the freehold going-concern interest in the property.
“The appointment continues our strategy of selling down surplus assets in Byron to recycle capital into major development projects such as Serēn and the Kirra Point redevelopment on the Gold Coast,” Brian Flannery said.
In 2021, KTQ Group sold the Sun Bistro, which is now known as the North Byron Hotel, to the Winchester Group for an undisclosed sum.
Before its repositioning as worker accommodation, Bayshore Bungalows Resort was recognised as one of the best hotels in northern NSW, winning a number of awards, according to CBRE.
It comprises high-quality guest villas, including six one-bedroom and seven two-bedroom detached bungalows, along with a two-bedroom manager’s residence, each with its own full kitchen.
The resort also has a guest reception, tennis court, lagoon-style swimming pool, barbecue and outdoor dining facilities, and carparking on its 1ha site 550m from Belongil Beach, north of the town centre.
“Byron Bay hospitality and accommodation offerings are always highly sought-after given the limited availability of assets for sale and the high barriers to entry for new development projects,” Bunz said.
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“With the favourable SP3 Tourism Zone overlay, the asset provides a new owner with the ability to capitalise on significant future development and/or repositioning potential, including expanding the accommodation offering or repositioning it as a luxury lodge, wellness retreat or ‘flashpacker’ property under the short-term accommodation classification.”
Manvell said the property had been well maintained and required limited capital expenditure.
“Its location, between Elements of Byron and the Byron light solar train, also a KTQ asset, provides easy access to central Byron,” she said.
The expressions of interest campaign is due to close on June 1.
Byron Bay’s appeal to visitors and would-be locals shows no sign of slowing and demand for property continues to run hot.
Last month, a 70ha greenfield site with approval for more than 150 lots west of the township was put on the market.
The amalgamated site, the West Byron Amalgamation, has approval for a masterplanned mixed-use community and is being labelled the biggest site on offer at Byron in recent times—and possibly the last of its size for the NSW coastal mecca.
And in October last year, the sales record in Byron Bay was smashed when a Suffolk Park property sold in an off-market deal for $26 million.
The 16ha hinterland property was sold by by Fiona Toltz Gower, daughter of the late stockbroker Michael Toltz, and Joren Gower.
The buyer was reportedly a trust linked to the billionaire Roche family—Bill and Imelda Roche founded Nutrimetics in 1960 and are worth an estimated $1.49 billion according to last year’s AFR Rich List 200.
