9 Dashwood Place, Darwin, Northern Territory
WELL PERFORMING MOTEL WITH OUTSTANDING DEVELOPMENT POTENTIAL
SOLD
Business Description
• Turnkey Motel
• Generating substantial holding Income
• Future development opportunities (STA)
NTC Property and Ellis Parker proudly present the opportunity to acquire the freehold going concern of the Vitina Studio Motel, strategically located at 9 Dashwood Place on the fringe of Darwin's CBD.
Situated less than 1 kilometre from the city centre, the motel enjoys convenient access to iconic landmarks such as the George Brown Botanical Gardens and Mindil Beach which accommodates the famous dry season markets and Casino.
The Vitina features two accommodation buildings spanning two and three levels, offering a total of 61 en-suite motel rooms as stated below:
- 21 studio rooms
- 39 motel rooms
- 1 x one bedroom manager’s residence
Of these, 59 rooms are designated for guests, with the remaining two serving as staff quarters and a manager’s residence. The rooms, including some self-contained units, were recently refurbished in 2021 to enhance guest comfort. Breakdown of room types is available in the Information Memorandum.
In addition to the accommodation offerings, the property amenities include an office and reception area, a commercial kitchen, a dining/conference room, a bar (currently without a liquor licence), a lagoon-sized pool, BBQ facilities, and laundry services. Ample onsite parking is available for guests' convenience.
The Vitina occupies an under-utilised 3,810sqm Central Business zoned allotment, presenting significant development potential for the future, with unlimited height restrictions of (subject to planning approval). A future high-rise development will have unrivalled and uninterrupted vistas over the Gardens Park Golf Links and Mindil Beach providing the famous Darwin Harbour sunsets as your backdrop.
Having consistently generated substantial income in recent years, the Vitina presents a compelling opportunity for growth under new ownership. While the property can be sold with vacant possession, it currently holds promising forward bookings for the remainder of the dry season.
Owned by the vendor since 2003, the Vitina represents an opportunity for both seasoned operators and newcomers to the Northern Territory to capitalise on its potential. Strategies for enhancing revenue include implementing new marketing initiatives, optimising booking systems, obtaining a liquor licence, expanding food service offerings, and leveraging existing resources effectively.
For further details, including financial information, interested parties are invited to request more information and execute a Non-Disclosure Agreement (NDA).
Please contact the exclusive selling agents for more information.
Expression of Interest closing Thursday 1 August 2024 at 4pm (ACST).
Business Summary
Key Investment Insights
1. Turnkey motel with 61 en-suite rooms, including self-contained units, recently refurbished for guest comfort.
2. Strategically located on the fringe of Darwin's CBD, with convenient access to popular landmarks and attractions.
3. Potential for future development opportunities (subject to planning approval) on the under-utilised 3,810sqm Central Business zoned allotment.
4. Currently generating substantial holding income with promising forward bookings for the remainder of the dry season.
5. Opportunity for both seasoned operators and newcomers to the Northern Territory to capitalize on the motel's potential.
6. Potential for revenue growth through implementing new marketing initiatives, optimizing booking systems, obtaining a liquor license, and expanding food service offerings.
7. Opportunity to leverage existing resources effectively for increased profitability.
8. Owned by the vendor since 2003, presenting a rare opportunity for new ownership.
9. Interested parties can request more information and execute a Non-Disclosure Agreement (NDA) to receive financial information.
10. Expression of Interest closing on Thursday 1 August 2024 at 4pm (ACST).
