Subiaco rent-roll specialists Wentworth Mutual Ltd has acquired the management rights to The Regal apartment complex in Port Douglas, Queensland.
The Regal is a 4 star apartment complex located on Macrossan Street in Port Douglas.
The complex opened in September 2000 and consists of 47 apartments.
At market close, shares in Wentworth were at 2.1 cents.
Below is the full announcement:
PORT TO PORT FOR WENTWORTH
`Sophisticated, Charming, Exotic...' are the descriptions attached to Wentworth's latest management rights acquisition, The Regal in Port Douglas, Queensland.
Port Douglas itself is an international holiday destination boasting world class restaurants, proximity to the Great Barrier Reef and accessibility to the world heritage rainforest which means that the Regal enjoys consistent occupancy year round.
The Regal is a 4 star boutique apartment complex located on Macrossan Street in the heart of Port Douglas. Opened in September 2000, the 47 apartments - including 17 dual keys and all with Jacuzzi spas - are very popular with overseas and Australian travellers alike.
Executive Director of Wentworth Mutual Ltd (WWM), Kingsley Lamont stated "We are excited at the inclusion of the Regal into our portfolio. Port Douglas is a region we had `earmarked' as one with significant upside and we are not averse to acquiring another one or two management rights in that area."
`The Regal returns over 21% (before interest, tax, depreciation and amortisation) on our investment of $2.1 million. We believe that with a marginally increased overseas marketing effort, this good result can become even better," according to Lamont.
The Regal acquisition gives Wentworth a presence from Port Stephens in NSW
through to Port Douglas in Far North Queensland and points in between.
