For sale: Major interest in iconic Bundy backpackers
THERE'S been huge interest in a Bundaberg CBD landmark, the Bundaberg Backpackers, long a stopover point for tourists and backpackers since 1988.
The purpose-built building has been owned by Eugene Deefholts and Kate Hill since 2008, who operated the establishment for seven years before moving to Brisbane in 2015.
The couple is now looking to sell the property via an international expressions of interest campaign.
The property has been a hit with investors since the campaign's launch just over a week ago with more than 20 parties viewing the investment memorandum.
This outlines a recently extended 10-year lease and net annual return of $117,845.
Associate Director of Transact Property Group, Daniel Cullinane has been appointment to oversee the sale.
He is upbeat about the Bundaberg commercial property market.
"The enquiry we have had in the first week of this campaign goes to show how well-regarded Bundaberg is on a national stage,” Mr Cullinane said.
"I found the same thing with transaction of the City Centre Arcade last year, investors from all over the country know and trust Bundaberg as a city and are more than willing to invest their hard-earned capital in the region.
"Bundaberg represents value for money for southern and international investors.
"They can achieve a higher return on their investment in a regional market than they can in the CBD or metropolitan markets and that is why regional markets are so hot at the moment.
"The Bundaberg Backpackers has an established tenant who has a ten-year lease and pays 100% of the outgoings, in terms of an investment, it's as good as you can get.”
The Bundaberg Backpackers is for sale via international expressions of interest closing at 4pm, Thursday, July 4.
For more contact Daniel Cullinane on 0431 278 806 or via email on firstname.lastname@example.org.