11 Mar 2020
CBRE Hotels' Scott Callow and Wayne Bunz managed the sale, which involves one of the state's largest regional integrated leisure and conference facilities.
Located just over an hour from Melbourne on the San Remo coastline, the 8.5ha north facing property offers panoramic views across to Phillip Island. Included in the sale were 88 apartments and the respective business operations and resort management rights for a total of 172 keys.
The resort also includes six conference and meeting facilities with a capacity for up to 500 delegates, food and beverage facilities, heated indoor and outdoor swimming pools, sports courts and a children's playground.
“Pentagon Group plan to continue the operations with a renewed focus on both corporate and leisure guests,” Mr Callow said.
“They will also review plans to add a further 32 keys to the existing resort, under an existing planning application.”
Pentagon Group is a property investment and development business specialising in the residential, hotel and commercial sectors.
The Silverwater acquisition follows the group's June acquisition of EBC Hotel & Leisure Fund's Tasmanian hotel portfolio comprising the Old Tudor Hotel in Launceston, The Bayside Inn in St Helens and the Foreshore Tavern on the outskirts of Hobart
Pentagon Group Managing Director Vijan Patel said; “We recognise that the Silverwater Resort has the ability to attract large groups and function-related clientele and we look forward to further driving that aspect of the business.”
Phillip Island is well recognised for its natural attractions such as the Penguin Parade and popular surf beaches. It is also home to the Phillip Island Racetrack that hosts the World Superbikes and Moto GP and the Australian V8 Supercars.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.