Situated beside the mighty Murray, it’s being marketed as the most profitable leasehold hotel in Victoria on the back of its rivers of gold.
The leasehold on the iconic Burkes Hotel Motel in beautiful Yarrawonga, Victoria, is on sale at $1,495,000 and with its accommodation business alone providing $350,000 a year it is producing a 38.4 per cent buyers yield.
“Yarrawonga is a beautiful place and the fastest growing regional centre in Victoria,” said Dan McDonald, of McDonald Hospitality Brokers.
“It's only three hours from Melbourne and even closer than that to the snow country."
“And Burkes Hotel Motel is a strong and unique business because of its diverse revenue across food, beverage and accommodation."
“It provides great returns for the leasehold operator with 20 smart motel units that are very popular.”
Yarrawonga is situated on Australia’s longest river, the Murray, between the northern Victorian towns of Cobram and Rutherglen, and it is linked with Mulwala in New South Wales by a beautiful 500m bridge built in 1924.
The bridge also allows pedestrian traffic and superb views of Australia’s greatest river.
Yarrawonga is one of Victoria’s leading holiday destinations, with an array of festivals and the beautiful Lake Mulwala, which was formed by the building of a weir across the Murray in the 1930s. The lake is a 23km long and a tourist magnet for lovers of swimming, boating and fishing. Additionally, a number of tourist operators offer cruises along the river and lake.
Mr McDonald said Burkes Hotel Motel offered exceptional lease terms with a 27-year contract and “very attractive” rent.
“It’s really well positioned in the heart of a fast growing and popular regional centre,” Mr McDonald said.
“The property is beautifully presented. It’s a modern and stylish hotel/motel with a spacious open plan public bar."
“There’s a TAB, a lounge, and good bistro/dining with a commercial kitchen."
“There are also two function spaces and alfresco dining, along with a beer garden.”
Mr McDonald said the leasehold came with a residence that consisted of one bedroom, two bathrooms and a lounge.
“Yarrawonga is also an ideal golf and tour destination,” he said, “with beautiful courses nearby and ample secure parking for patrons and guests using the 20 motel rooms."
“Burkes Hotel Motel has to be the best leasehold hotel/motel offer in Victoria at the moment.”
The Yarrawonga area is steeped in history.
The nearby Warby Ranges, once the hideout of Ned Kelly and his gang of bushrangers, offers spectacular views along its ridges, and is teeming with birdlife and wildflowers.
The area also includes the scenic lower reaches of the Ovens River, which joins the Murray between Yarrawonga and the wine region of Rutherglen.
All around there are old growth red gum forests and ideal spots for boating, fishing and camping.
The Byramine Homestead, built in 1842 west of Yarrawonga, is classified by the National Trust and is open to the public as a memorial to the district's pioneering days. All around the homestead are lovely established gardens and there is a cafe and farm produce sales.
There is also a brewery which offers a delicious range of boutique beer, wine and cider.
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