Canberra investors put pair of Batemans Bay beachside properties on the market

The Canberra-based investment group that bought and revamped an ageing Batemans Bay motel has put the property and the adjoining Kon Tiki Apartments on the market.

The sale comes with a possible redevelopment plan designed by Stewart Architecture.

The 2021 transformation of the Abel Tasman Motel on Beach Road into The Isla was the passion project of a group of Canberra professionals – lawyers, property developers, builders, marketers and real estate professionals with a personal connection to Batemans Bay.

They saw the potential for a retro-inspired getaway to appeal to a new generation of travellers.

Hayley Manvell from selling agent CBRE said the group had recently bought the Kon Tiki Apartments and was now ready to fulfil its strategy to on-sell to an experienced operator who could take the property to its next stage.

Ms Manvell said the group had explored ways to add value to the site or other uses, recently commissioning Stewart Architecture to provide concepts for a residential development if the motel and apartments sites were amalgamated.

The result is a proposal for 58 two- and three-bedroom residential apartments across four storeys designed to ensure most units benefit from ocean views.

The scheme also features basement parking for 120 cars, subject to the relevant planning approvals.

Yanna Dascarolis, one of The Isla co-founders, said the boutique motel was created to provide a design-led and exciting new environment from which to rediscover the Batemans Bay area.

“We all grew up in Canberra so Batemans Bay was a big part of our childhoods,” Mr Dascarolis told real estate portal Zango last year.

“We thought maybe if we created the kind of motel we ourselves would love to stay in, a much more modern experience, then surely that would attract other people too.

“We’ve really tried to create a destination rather than just a stop-by motel.

“We wanted it to feel more boutique and luxurious, encapsulating that raw Australian coastal vibe whilst also respecting our European roots.”

The two properties occupy a combined 3238 square metre freehold land parcel.

The Isla, reimagined using a modern retro theme by Those Architects, comprises 18 guest rooms and suites of various configurations, with a view to being “stylishly sentimental”, paying homage to old-school beach holidaying.

The property offers a swimming pool, barbecue facilities, outdoor and indoor lounge areas, onsite car parking with electric vehicle charging stations and a mini bar area for guests to enjoy vending machines stocked with bespoke and locally sourced artisan products.

The neighbouring Kon Tiki Apartments offers seven two-bedroom apartments in various room configurations.

CBRE’s Tristan Cotchett said the sale provided a substantial future development opportunity with holding income in a growing regional domestic tourism economy.

“The amalgamation of the two land parcels provides significant additional value, offering an incoming purchaser a multitude of options to reach maximum site potential via redevelopment or enhancements to the existing facilities,” Mr Cotchett said.

Ms Manvell said beachside hotels with vacant possession had always been a highly coveted investment.

“There has been significant interest and growth in domestic tourism in regional locations within NSW and across Australia,” she said.

“We expect substantial local and offshore buyer interest from owner-operators, high-net-worth individuals, hotel investment funds, syndicates and developers.”

The Isla and Kon Tiki Apartments are being sold in one line with vacant possession via an expression of interest campaign closing on 27 March.

Original Article published by Ian Bushnell on Riotact.