Nelson Bay motels and apartments property complex sells for over $4 million
The Peninsula Nelsons Bay Motel & Apartments and the Peninsula Palms Motel in Nelson Bay on the central coast of NSW has sold at auction in one line for $4.046 million.
Strong bidding for the properties, at 52 and 54 Shoal Bay Road, pushed the final sale price $1 million above the reserve. A Sydney motelier was the buyer.
The Peninsula Nelsons Bay Motel & Apartments comprises of a range of family and queen 3.5 and 4 star suites, plus apartments. The Peninsula Palms Motel is an older 2.5 star property with development or extension potential.
As part of the deal, the vendor - a local family - will continue to run the properties as is.
CBRE Hotel agent Andrew Jackson sold the properties, in conjunction with Ray Larkin of Manenti Quinlan & Associates.