Manenti Quinlan & Associates are pleased to announce the successful sale of the freehold going concern of the Big Trout Motor Inn, Oberon. The sale was managed by Directors Ray Larkin and Malcolm Mathie of Motel Sales, Manenti Quinlan & Associates.
The imposing motor inn was sold to an industry operator who has other motel interests in Queensland. The vendors, the Ratnam Family, who have been in the industry for approximately 25 years, with the last six years in the Big Trout Motor Inn, Oberon, are looking to retire back to their agricultural assets.
The Big Trout Motor Inn was sold via an expression of interest campaign which received over 90 enquiries and more than 30 property inspections, creating excellent competition for the asset.
The Big Trout Motor Inn sits on 6,020m2 land and is approximately 1km from the CBD of Oberon. The buildings are all single level, of double brick construction with tile roof and built on solid concrete slab foundations. The property includes a comfortable, three-bedroom owners accommodation. The property also has an 80 seat restaurant and bar which has been leased to Chinese operators for the past 20 years.
The 33 suites are large, ranging from 30m2 to 45m2, and furnished to 3½ star standard. The property trade is mainly workers mid week with tourists, weddings and Jenolan Caves visitors on the weekend. Due to the size of the asset they also have a strong coach trade.
The Big Trout Motor Inn has an annual turnover of $900,000 to $1,000,000 in accommodation and restaurant rental and was sold on an 11% yield.
Manenti Quinlan & Associates wish the Ratnam Family all the best for their future and also wish Tlex Investment Pty Ltd every success with their purchase of the Big Trout Motor Inn.
Manenti Quinlan & Associates currently have 12 motels at contract throughout New South Wales and Victoria. “We have a broad network of well-funded buyers seeking freehold going concern, freehold passive investment and leasehold accommodation properties and caravan parks.” said Ray Larkin.
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