Motel

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A Chinese developer has purchased a 4,041 sqm landholding for $5,950,000 in Melbourne’s eastern suburb of Burwood.
The property was sold for $1,950,000 above the initial expectations. 
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The site is currently improved by The Box Hill Motel which comprises 23 rooms.
With a lease in place until May 2020, it provides a rental income of $175,534 per annum.  
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Zone General Residential 3, the site lends itself to a range of development outcomes including apartments and townhouses, with the buyer planning on a townhouse project down the track. 
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Savills agents Nick Peden, Jesse Radisich and Benson Zhou, in conjunction with Nelson Alexander, negotiated the deal.
The expressions of interest campaign garnered 48 site inspections, interest from over 160 groups, resulting in 26 offers to purchase.   
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The sale achieved a sharp yield of only 2.95%, as well as a land rate of $1,472 per square metre.  
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“To receive 26 offers to purchase the property, it is evident that buyers are out in force for well-located landholdings with holding income and exceptional development potential,” said Mr Peden.  
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“Through an exhaustive Expressions of Interest sale campaign, Savills were able generate extreme competition from the full range of buyers based locally and internationally with representation from China, Singapore, Hong Kong, Malaysia and USA.”  
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East Melbourne Box Hill Motel sold for $2 million above expectations

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The 3.5 star Best Western Zebra Motel in Coffs Harbour has been put on the market. 
CBRE’s James Carrick  has been appointed to sell the coastal city’s 3.5 star largest leasehold motel.
Situated at 27 Grafton Street, on the edge of Coffs Harbour’s CBD, the Best Western Zebra Hotel consists of 46 guest rooms across two levels, 50-seat dining and bar area, two-bedroom manager’s residence and onsite parking for 41 vehicles.
The hotel is being sold on behalf of a local independent operator.
“The current operator has invested significantly in both internal and external improvements, which has been pivotal to the property’s strong patronage and upward income trajectory,” Mr Carrick said.
“The opportunity to operate a quality venue unrivalled in the 3.5 – 4 star market and underpinned by the Best Western brand is expected to ignite strong competitive interest. It is perfectly positioned for an experienced team to reap the benefits of the healthy earning opportunity and coastal lifestyle, with scope for investment style syndicate or funds management group to run under a management model.”
Set on a 3,296 sqm landholding, the motel is within walking distance to all major CBD amenities.
The leasehold is being offered for sale via an expressions of interest campaign closing April 18.
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Best Western Zebra Motel in Coffs Harbour listed

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A former Palm Beach motel has sold for $2.7 million.
Its use was changed to permanent letting three years ago.
The <a href="https://www.raywhite.com/qld/palm-beach/1801163/?lang=en" target="_blank">1203 Gold Coast Highway property</a> was sold by Anthony and Wendy Cummins to Dayview Holdings Pty Ltd.
It is linked to Harvey Norman executive Steve Cavalier.
The two-level building previously operated as the Surf 'N' Sand Motel.
Set on a 818 square metre site, the building has 11 bedrooms.
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Surf 'N' Sand Motel sells at Palm Beach

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The 28 room City Crown Motel at 287-289 Crown Street, Surry Hills has sold for $8.8 million.
LJ Hooker Commercial South Sydney agent Barry Griffiths secured a <a href="https://www.realcommercial.com.au/property-land+development-nsw-surry+hills-501549079" target="_blank">room rate of $314,000</a> with seven bidders.
The 385 sqm site was sold with approval for a 42 bed motel.
The purchasers were described as private partners looking to get a foothold in the inner city accommodation market.
It last traded when bought by Nola Holdings in 2002 at $3.55 million.
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Crown Street, Surry Hills motel sells at $314,000 a room

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South Gippsland's Welshpool Hotel Motel is on the market with expressions of interest open until August 17.
Complete with bar, bistro, open fireplace, beer garden and nine motel rooms, the venue was purchased five years ago and has been a finalist in the AHA’s ‘Best Country Bistro’ award for the past four years. 
It is on the market through Will Connolly from Colliers International who said the Welshpool Hotel Motel is extremely well regarded within its industry.
“The South Gippsland area has always been a highly competitive buying zone for leasehold hotels.
"They are tightly held in this region which can only be a positive in terms of trade enjoyed by their operators," Mr Connolly said.
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