Rivkin buys at Ettalong Club

High profile stockbroker Rene Rivkin has bought into the Ettalong Beach Club Resort.
Mr Rivkin said that, while his main investment focus was the stock market, there was always room for some property investment in a balanced portfolio.
"Investing in Ettalong offers triple benefit - regular return on investment, a chance for real capital gain over time and a place to holiday every year.
"For my part, it's money well invested," Mr Rivkin said.
So far, 90 of the 228 strata title hotel apartments at resort have been sold, with a further 12 under contract.
Sales and marketing director Mr. Ric King said off-the-plan sales totalled over $19 million.
"A mixture of local and Sydney based investors have bought at the resort, with about a third being from the Central Coast while the remaining two thirds are white collar professionals from Sydney.
"We are extremely happy with the response to date that the resort has received from investors."
Mr King said the Ettalong Beach Club Resort offered investors a forecasted minimum seven per cent return on investment over the first four years by way of a $3 million rent guarantee."
The resort had the Ettalong Beach War Memorial Club as its foundation, he said.
The club had 17,000 members, an annual turnover of $18 million, a 20 per cent profit per annum and outside membership visitors of 140,000 yearly.
With the backing of the club, it was not expected that the $3 million rent guarantee fund would need to be used, Mr King said.
He expected Ettalong Beach Club Resort would open in late 2000.