Twin Waters Novotel resort on the market

ABACUS Funds Management Ltd has formally put its Novotel Twin Waters Resort on the Sunshine Coast on the market.

The appointment of McVay Real Estate to manage the expressions of interest campaign for the sale of the property comes after Chinese carrier Hainan Airlines recently pulled out of purchasing the resort for a reported $130 million.

The resort consists of a 4-star low rise resort with 361 rooms nestled between the Pacific Ocean and the Maroochy River.

The property has a pristine beachfront location and is set among 48ha of natural bushland as well as fronting a large beach lined lagoon.

It is positioned adjacent to the Sunshine Coast airport which has entered into a partnership agreement to redevelop the airport which will see significant increases in domestic flights and international flights from 2020.

Dan McVay said the Sunshine Coast was rapidly growing which should attract potential local and offshore buyers.

"With the expansion of the new Sunshine Coast airport and the opening of the new Sunshine

Coast University Hospital we will see a genuine increase in visitor numbers from local and international visitors to this region," he said.

Abacus paid $58 million for the AccorHotels managed resort 10 years ago.

Since the expiry of the long term hotel management agreement in 2016, vacant possession

available allowing another operator to take control.

The resort has the potential to develop a significant increase in accommodation from mid scale to luxury.

Sam McVay said: "It is rare for an asset of this scale to be offered for sale with such a genuine growth story ahead of it".

The campaign closes on May 11.

News Corp Australia

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