07 Nov 2022
Words
Tracey Prisk Real Estate View
Central West, Riverina motels hit the market in the lead up to holiday season
With tree changers still eyeing regional hubs as places to set up home, there are plenty of work opportunities for those who are feeling hospitable.
As the tourism sector goes from strength-to-strength, and large infrastructure projects throughout the Central West and the Riverina continue, it's no wonder people are looking for opportunities in the accommodation sector.
There are still plenty of good deals to be had across the region.
Recently the Lachlan Way Motel, in Lake Cargelligo, was sold through Manenti Quinlan and Associates Hospitality Brokers for $850,000 to Pushpagiri Hospitality.
The sellers Ian and Jean Kemp had owned the property for about 19 years before deciding to put the properties on the market.
Other properties currently for sale include Orange's Melview Greens which was on the market with a guide of $5.1 million to $5.3 million but has now been reduced to $4.7 million to $4.95 million.
Dubbo's Countryman Motor Inn at 49 to 51 Cobra Street, sits on 3,556 square metres just off the Mitchell Highway, and is for sale for $4.8 million.
Here we have a look at some of the latest accommodation businesses to hit the market.
BATHURST'S HAVANNAH ACCOMODATION
Centrally located in town, Bathurst's newest large short-term accommodation premises has hit the market with 48 newly-built rooms.
Havannah Accommodation is a 3-star rated property that's been used to host a range of guests including contractors, trades and sporting teams.
The property could be repurposed as a backpackers or short-term housing to address the critical shortage of rental properties in the city.
There is also an approved DA for a total of 76 rooms.
The property is for sale for $3.8 million and returns a net profit of $233,613 according to Resort Brokers' Chris Kelly who is handling the sale.
For more information, contact ResortBrokers NSW Central West broker Chris Kelly. P: 0431055221 E: chris@resortbrokers.com.au
WELLINGTON'S BRIDGE MOTEL
Located near the Macquarie River and the Mitchell Highway, the Bridge Motel is the largest motel in Wellington, which is located about 35 minutes from Dubbo and an hour from Orange.
The business is for sale for $4.9 million.
The site was originally occupied by two separate motels that have been combined into one with 35 rooms in total.
According to Resort Brokers' Chris Kelly, this business has an average annual occupancy of 75 per cent, and an adjusted net profit of $677,967 and is being sold with a 14 per cent yield.
The motel's visitors come primarily from business people, government contractors as well as the tourism sector.
The property also has a separate manager's house with three bedrooms.
For more information, contact ResortBrokers NSW Central West broker Chris Kelly. P: 0431055221 E: chris@resortbrokers.com.au
NARRANDERA'S BISHOP'S LODGE MOTEL
This bed and breakfast motel in Narrandera has a 3.5-star rating and is for sale for $2.4 million.
The motel, which is a short walk to pubs and clubs, attracts rural workers, business representatives, trade workers and tourists.
There are 20 units within the double-storey brick construction which was built in 1973 and sits on a 4,083 metres square block.
Some of the rooms at the Bishop's Lodge Motel have been refurbished and they vary in size.
According to Manenti Quinlan and Associates Hospitality Brokers' Ray Larkin who is handling the sale, the 2021/22 turn over was $469,618 and it has an occupancy rate of about 80 per cent.
There's also a motel kitchen, in-ground pool and covered parking areas
The sale includes a recently-renovated three- bedroom house connected to reception.
For more information, contact ResortBrokers NSW Central West broker Chris Kelly. P: 0431055221 E: chris@resortbrokers.com.au
