3300 Princes Highway, Lakes Entrance, Victoria

Ocean Views Motel, Lakes Entrance VIC - 1P0297

Freehold Going Concern - $4,250,000

Business Description

Presenting a terrific VIC freehold motel with opportunity to further sub-divide or expand on with potential to add caravan vans, units or develop more villas.

Key Features:

* 40 x well-presented single level rooms + in-ground swimming pool.
* 100 seat restaurant with fully equipped commercial kitchen – Restaurant not
currently in use.
* In-house commercial laundry with 3 large commercial washers and dryers
(does full cleaning in-house, full motel linen clean in approx. 4 hours).
* Motel had been leased for 20 years, current owners for past 2 years.
* 2021-22 Occupancy 34.3%, ---------- Occupancy 49.3%.
* Average occupancy for the Lakes Entrance region is approx. 60% - room to
improve here.
* All plumbing checked and repaired, tiles changed in 10 bathrooms, new
carpets in 39 rooms, new switch board.
* Large land holding area of approx. 7,432m2 of GRZ1 Zoned land.
* Total rates = $6493.50 per annum spread over 6 x titles.
* Coach group and in-house breakfast not yet in operation but in high demand.

A fantastic opportunity to reap the rewards in this regional Victoria tourist town just approx. 3 hours from Melbourne.

Presenting an almost 10% yield.

All appointments by prior arrangements only.

Contact Kamal Sharma direct at MHB for more information.

Business Summary

Other Features / Notes

Freehold, Motel, VIC - Gippsland
Marketing Agent
McDonald Hospitality Brokers (MHB)

McDonald Hospitality Brokers (MHB)

Key Investment Insights

1. Freehold motel with potential for further sub-division or expansion.
2. 40 well-presented single level rooms with an in-ground swimming pool.
3. 100 seat restaurant with fully equipped commercial kitchen (currently not in use).
4. In-house commercial laundry with 3 large washers and dryers.
5. Motel has been leased for 20 years, current owners for the past 2 years.
6. Occupancy rates of 34.3% in 2021-22 and 49.3% in 2020-21, with room for improvement.
7. All plumbing checked and repaired, with updates to bathrooms and carpets in 39 rooms.
8. Large land holding of 7,432m2 with GRZ1 zoning.
9. Total rates of $6493.50 per annum spread over 6 titles.
10. Potential for coach group and in-house breakfast operations.
11. Located in a popular tourist town just 3 hours from Melbourne.
12. Offering an almost 10% yield.
13. All appointments by prior arrangement only.
14. Contact Kamal Sharma at MHB for more information.
Listing location

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