Manenti Quinlan & Associates are delighted to announce the successful sale of the Boulevard Motor Inn, Mildura. The sale was managed by Directors Ray Larkin and Malcolm Mathie of Motel Sales, Manenti Quinlan & Associates and Tony Roccisano, Professionals - Mildura.
The Boulevard Motor Inn was sold to Adhiraj Pty Ltd, who operate other motel interests in New South Wales, Victoria and Queensland. The Vendor, RRAF2 Mildura Pty Ltd, Red Hill Investments have operated accommodation properties throughout the eastern seaboard of Australia for the past 10 years. Red Hill Investments are looking to expand to larger motels.
Image Supplied - MQ & Associates
The Boulevard Motor Inn was sold by expression of interest campaign with over 70 enquiries within the first week of the campaign.
Adhiraj Pty Ltd successfully offered $7,650,000 with funding being looked after by Mr Irfan Kureshi, Infinitive Finance, Sydney. Competition for the asset was very strong.
The Boulevard Motor Inn sits on 3,035m2 in the busy regional city of Mildura, 550km north-west of Melbourne. The property is two storey with 48 recently refurbished suites, with restaurant and bar, and presents as a 4 star corporate motel.
Demand for this style of corporate motor inn has increased dramatically throughout Victoria and New South Wales with many groups with multiple properties registering their interest for any new listings.
Boulevard Motor Inn had a revenue of $1,786,000 bed income plus $50,000 per annum rental for the leased out restaurant. The motel sold on a 12% yield.
Manenti Quinlan & Associates wish the new owner every success with the new acquisition. We are sure this business will continue to improve in the coming years.
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