The leasehold for the absolute beachfront bar and restaurant that is the legacy of late developer Brian Ray is being taken to market by Ray White Hotels on behalf of the Ray Family. The Expressions of Interest campaign closes on the Wednesday 7th September 2016 at 3:00pm.
The 1,883sqm Salt Bar opened in December 2004 as the central hub for Brian Ray's $1 billion Salt Village community, which is today home to more than 500 homes and three beachfront resorts with a total of 650 keys, providing a solid year-round trade for the venue.
Salt Bar Beachbar and Bistro includes a main bar and bistro, sports bar with Keno and TAB, gaming lounge and bottle shop in the high growth Kingscliff region on the Tweed Coast.
Tom Ray of the Ray Group said the decision to offer the Salt Bar leasehold was a strategic and transitional, albeit emotional, one – which would allow Ray Group to continue to build its core business in the commercial property development and investment sector.
Ray White Hotels managing director Tony Bargwanna said market conditions for hotel assets were the best he had seen in a generation, with Salt Bar presenting as one of the most unique opportunities on the East Coast.
"There hasn't been an absolute beachfront bar and bistro leasehold available for quite some time, and the fact that Salt Bar is an established business with a captive residential and holiday market adds significant appeal, as does the venue's proximity to the Gold Coast and Byron Bay markets.” He said.
Ray White Hotels Asia Pacific Director Andrew Jolliffe said regional NSW was in the spotlight following a number of key transactions his office had presided over recently.
"I'm expecting national interest in this offering, given the very recent evidence of capital city hospitality groups acquiring businesses in key regional areas. The sale of The Balcony in Byron Bay to award winning hotelier Fraser Short, and Andrew Lazurus’ recent acquisition of the Exchange Hotel in Newcastle are two clear examples” he said.
Ray White Hotels Australia
Tony Bargwanna – 0411 544 451
Andrew Jolliffe – 0438 733 447
Brent McCarthy – 0448 355 329