23 x Serviced Apartments, Caloundra, QLD
4 Tay Street
Project Realisation: $8m+
Sale Process: For sale In one line
CMF Appointment: Sales & Marketing Agent
CMF were appointed as sales and marketing agent for the sale of the La Promenade serviced apartment complex in Caloundra. This fantastic facility had been developed, owned and run by a single family for more than 30 years.
As can be seen from the photo’s the facility was absolute waterfront enjoying more than 47m direct access water frontage and adjoined the Council owned and maintained boardwalk.
CMF appointed locally based International real estate agency Savills to assist with presentation and inspections at the property. After a six week campaign and over 65 enquiries we received more than a dozen Expressions of Interest for the property culminating in a price of $8.5m.
The property attracted interest from both operators and developer/traders alike.
Unfortunately, whilst originally agreeing to the offer the owner did not proceed with the sale and the property was eventually repossessed by the bank and receivers appointed. The Receivers ran their own sales process and sold the property for $5.2m three months later.