Chinese investor purchases Coffs Coast hotel for $6-million
A MELBOURNE-based Chinese investor has purchased one of Coffs Harbour's favourite watering holes, The Coast Hotel.
The sale for $6.15 million was transacted by reality firm Burgess Rawson on an 8% yield.
Selling agents were Dean Venturato and Darren Beehag alongside Moore and Moore Real Estate's Deane Moore.
"The popular hotel was eagerly snapped up by a Chinese national investor based in Melbourne and will return a net income of $492,307 pa plus GST to the buyer," Burgess Rawson principal Dean Venturato said.
"The astute investor was enticed by the secure 31-year lease extending to 2039, assuring a 'set and forget' asset for lucky new owners."