120 Eighth, Mildura, Victoria

Mercure Hotel Mildura - Freehold Investment. 8.16% Rate of Return

$9,770,000

Property Description

Key features of this freehold accommodation hotel and commercial office opportunity

HOTEL

The freehold owners are offering this outstanding securely fully leased freehold investment opportunity
for sale “in one line “.

Land – 3803 square metres – frontage to Eighth Street of 46.8 metres and cornered by Madden Avenue and Harrison Lane. Zoned Commercial 1.

Location – in the CBD heart of Mildura just one block to the retail and restaurant precinct, and the beautiful landscaped Murray riverfront. The Mercure hotel Mildura is the choice of the key corporate and leisure markets.

Located in Australia’s inland tropical paradise on the banks of the majestic Murray river this thriving City enjoys more sunshine days than Queensland’s Gold Coast. It is the commercial and leisure centre of the mighty irrigated and lock controlled Murray valley / Mallee / Sunraysia region. Mildura is year-round key destination for leisure tourists, corporate and holiday markets and is a national leader ingrape, fruit, vegetable, grain, nuts and wine production.

Regional tourism for Victoria, NSW and South Australia is recovering rapidly and headed for even greater and sustained demand as Australian and New Zealand together with overseas tourists stay and travel safely and securely to Australia.

The hotel is rated 4 star & is a proud member of the world’s largest hotel group Accor.

Tenant since 2007 – the Gibbens family for decades renowned leading hotel operators trading as Hotel Mildura Holdings Pty. Ltd.

Securely Guaranteed. Lease term – the remainder of the existing lease term plus 3 x 5 year options. Plus 30 years from date the Gibbens family sell the lease, and such sold lease shall be 1 x 10 years, and then 4 x 5-year options.

68 apartments & suites comprising 17 x apartments (16 x 2 BR, and 1 x 3 BR ) & 51 suites of double king, king and king single, and queen bedded hotel suites The hotel sleeps 208 persons. Includes restaurant and bar, conference room, board room, & outdoor pool.

OFFICES x 5

There are five separately titled fully leased commercial tenancies within the complex.

Tenants include Grainwise, Uniting Age Well and the Australian Table Grape Association.

Vendor is retaining ownership and use of the titled circular “Water Tower “office – Lot 16.

ANNUAL RENTAL INCOME

The current net lease rentals are Hotel $ 674,220 pa. Restaurant $ 34,332 pa. and

5 x offices yielding $88,563 an aggregate of $797,115 pa. (plus GST).

All outgoings excluding land tax are paid by the tenants.

SUMMARY

The total net annual rentals for the hotel, restaurant, and offices is $797,115

The total SALE PRICE, in one line, is $ 9,770,000 ( Plus GST if applicable )

Rate of Return - 8.16%

For further information, vendor statement and inspection please contact Bob McCormick

Property Summary

Hotel Information

Total Rooms: 68Stars: 4Restaurant Facilities: -Liquor Licence: -Restaurant: -Lease:
Marketing Agent
Bob McCormick
Bob McCormick

McCormick Motel Brokers

McCormick Motel Brokers

Listing location
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