Our RAF2 (Regional Accommodation Fund 2) was launched in late 2021and closed fully subscribed.  It held a portfolio of 4 motels across VIC, NSW and QLD.  RAF2 acquired the 55 room Oxley Motor Inn in Dubbo, NSW and the 48 room Boulevard Motor Inn in Mildura Victoria, as well as the 70 room Seagulls Resort in Townsville and 48 room Boulevarde in Mildura.

We believe all of these properties were purchased at attractive prices with NTA for the Fund since increasing a considerable 35%. 

We have onsold the Boulevard Motor Inn at Mildura for $7.75M, after acquiring it less than four years prior for $4.1m.  During the ownership period we undertook meaningful external and pool renovations, subdivided and sold off an adjoining house, nearly quadrupled the revenue, and leased the restaurant to an external operator.  Capital from the sale was returned to investors.

At Seahaven Townsville we undertook a major renovation program, fully renewing all 70 guest rooms.  Revenue and profit have increased significantly, and we are currently undertaking a major renovation of the restaurant/kitchen/bar area.  This property encompasses 3.5 acres of waterfront reserve land fronting the Strand in Townsville.

We have in 2025 commenced a renovation of the Centrepoint Rockhampton.  The 60 rooms will be repainted, recarpeted, and all new furniture, appliances and bedding installed.  Rockhampton is proving to be a busy location in high demand for business activity and corporate demand, and we expect that the return on investment for the renovation will be compelling.