Knotts Crossing has sold for more than $7.5 million.
Knotts Crossing Resort in Katherine has been bought by a funds manager in an off-market deal.
The actual business will continue under the owners of the lease, with new landlords.
Sydney-based Mandala Asset Solutions bought the resort as a freehold investment after it was listed by Resortbrokers.
The sale of the Katherine Gorge gateway resort was handled jointly by Resortbrokers national sales manager Trudy Crooks and SA – NT broker Kelli Crouch.
“Showing rare 11.5 per cent returns, this high-earning investment sold for the asking price of $7.61 million before we took it to market,” Ms Crooks said.
“Mandala is very experienced in identifying prime accommodation-driven assets in regional Australia, and Knotts Crossing ticked all the boxes for earnings and growth outlook.
“Located just a short drive from world-renowned Katherine Gorge, the resort has been operated by the current lessee for 10 years and, with 13 years remaining on the lease, it is a very secure and profitable long-term freehold investment.”
Knotts Crossing Resort was sold by a privately-owned Queensland-based investment syndicate that had held it for approximately 15 years.
Ms Crooks said demand for quality accommodation assets in regional Australia was gaining momentum.
Knotts Crossing Resort covers three hectares and includes 35 powered caravan sites with private ensuite amenities, 36 ensuited cabins, 86 motel rooms, the Savannah Bar and Restaurant and a casual poolside alfresco bistro.
Facilities include two pools, three BBQ areas, function room, camp kitchen, amenities block, commercial laundry, guest laundry and a three-bedroom manager’s residence.
Katherine River Lodge in Katherine is also listed for sale by Elders Real Estate for $.5 million.
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