Rare Byron Bay beachfront block tipped to fetch more than $10 million

The site has 60 metres of direct beachfront access, is within 300 metres of Byron Bay’s retail and dining precinct and is in walking distance of the Byron Bay Beach Hotel.

It’s currently occupied by the 22-room Wollongbar Motel, which is run by a private operator, as well as a house next door.

The Wollongbar Motel occupies the site. Photo: Supplied

Selling agent Blake Goddard from JLL Brisbane said the site was already receiving a lot of interest from Sydney and Brisbane developers, and some high-net worth individuals.

“Byron Bay is a very tightly held precinct, and this kind of beach development comes up very rarely – it’s not uncommon for a property owner to own multiple properties within the precinct,” he said.

“Byron is extremely hot at the moment and the owners are taking advantage of the existing market and its strength at the moment, as part of their exit strategy on the investment.”

Ten years after he bought the property, Matthew Hogg said he was selling to focus on other investments in Melbourne.

“It’s been a great business and in some ways we’ll probably sell it with a heavy heart because we know what a great site it is and it’s almost irreplaceable.

“We see it as a development opportunity meaning the motel will probably go, but that would be up to the buyer,” he said.

With the DA in place, construction could start as soon as the end of this year, and the sale also comes with the potential to expand the size of the development, pending council approval.

Apartment prices in Byron Bay have surged 31 per cent in the past 12 months, to a median of $770,000, according to Domain Group data.

Last year Byron Shire Council announced a master plan for development which would involve building carparks on the edge of town, meaning landlords would no longer be required to provide parking in order to redevelop their site.

The site is for sale by expressions of interest closing March 23.