Interest in Wategos landmark

MILLIONAIRE’S PARADISE: Rae’s on Wategos will be auctioned on October 26.
MILLIONAIRE’S PARADISE: Rae’s on Wategos will be auctioned on October 26.

EXCLUSIVE Byron Bay retreat Rae's on Wategos, which is to be auctioned next month, has attracted more than 20 serious enquiries even before the official marketing campaign kicks off next week.

Marketing agent Greg Bell, of Ray White Commercial Gold Coast, said enquiries had come from across Australia, but mostly from Sydney, Melbourne and Brisbane, after the Marine Parade boutique hotel was placed on the market for the first time in nearly 20 years by owner and entrepreneur Vinnie Rae.

"The majority of interest is from hoteliers who would continue to operate the business, but most people agree that Rae's location allows for an amazing private residence, so it is possible that may be the outcome," he said.

Rae's features seven individually-styled penthouses and suites, a 60-seat restaurant and a day spa.

It also has development approval for a new underground car park, cocktail bar, lift, new sub-penthouse, expanded spa and 200sqm entertaining terrace and gardens overlooking the ocean.

Mr Rae bought the property in 1994 and has decided to sell in order to focus on his overseas interests.

It will be auctioned on October 26 on the back of a marketing campaign that extends to America and Asia.



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