Parkes' Hotel Gracelands for sale
Staff reporterDecember 8, 2020
The Hotel Gracelands in Parkes, NSW has been listed for sale.
Located at 7-9 Bushman Street, Parkes is the Hotel Gracelands as well as IKON, a restaurant and wine bar.
They are currently under a 30 year lease until 2044 plus options until 2064 with annual rent increases to greater of CPI or 3%.
The hotel has 20 appointed rooms plus had DA approval which has since lapsed for 30 additional rooms.
They are reported as having "high level of repeat corporate clientele."
The net income for the property is $191,336 plus GST and the tenants pay all outogings.
In 2014 the property sold for $2 million.
The auction is set for October 23.