This article is from the Australian Property Journal archive
THE Liberman family-backed Impact Investment Group has bought the Beach Hotel in Byron Bay developed by Crocodile Dundee co-writer John Cornell, for $70 million, in the biggest pub deal this year.
Cornell, co-writer and producer of the 1986 Australiana kitsch hit Crocodile Dundee with Paul Hogan, and known as “Strop” on The Paul Hogan Show, sold the hotel to Melbourne businessman and race car driver Max Twigg a decade ago for $44 million.
It was built in 1990 by Cornell for around $9 million.
The latest price tag reflects a 6.3% yield, with the hotel leased for ten years to Melbourne’s hospitality identity John van Haandel, having operated it for the past ten.
CBRE negotiated the off-market sale after the hotel was initially offered last year.
“We’re looking forward to settling this transaction in six months’ time. It’s a great hotel, and we’ve already made a lot of progress planning our environmental upgrades and how we’ll work with the operator and locals to deliver real positive impacts for the Byron Bay community,” a statement from IIG said.
IIG has more than $400 million worth of funds under management, including commercial property assets and environmentally-conscious energy infrastructure assets.
Australian Property Journal
