THE WOLLONGBAR MOTEL
THE WOLLONGBAR MOTEL

Byron Bay still booming

By LUKE PRENDERGAST

A PROPERTY group which began in Byron Bay has sold two more properties to continue its push away from its former home town.

Latitude Development Group, which is now based on the Gold Coast, last month sold Aquarius Backpackers and the Wollongbar Motel, both in Byron Bay, for a combined $16.5 million.

While settlement is not yet finalised, there are no financial or other impediments to the sale to the undisclosed Melbourne buyers, according to a spokesman for the vendors.

Latitude Development moved to the Gold Coast early last year.

Since then it has sold several Byron Bay properties, including Byron West Shopping Fair to Ballina-based Westlawn Property Trust for $10.6 million, and commercial property in the heart of Byron Bay for $4.2 million.

After more than a decade of successfully developing resort and commercial developments in Byron Bay, Latitude Development moved into Queensland in 2004 with its $6.8 million purchase of a 2.3ha site at Airlie Beach, where it is building the $76 million Peppers Coral Coast development.

Jeff Dolan of Colliers PRD said recent sales, including the $65 million sale of the Beach Hotel, showed the increasing strength of Byron Bay's commercial market.



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