Ocean Views Motel, Lakes Entrance Vic - 1p0297

Business For Sale 3300 Princes Highway, Lakes Entrance, Victoria 3909

Business Category Motel

Freehold Going Concern - $4,250,000


Ocean Views Motel, Lakes Entrance Vic - 1p0297

Presenting a terrific VIC freehold motel with opportunity to further sub-divide or expand on with potential to add caravan vans, units or develop more villas.

Key Features:

* 40 x well-presented single level rooms + in-ground swimming pool.
* 100 seat restaurant with fully equipped commercial kitchen – Restaurant not
currently in use.
* In-house commercial laundry with 3 large commercial washers and dryers
(does full cleaning in-house, full motel linen clean in approx. 4 hours).
* Motel had been leased for 20 years, current owners for past 2 years.
* 2021-22 Occupancy 34.3%, XXXXXXXXXX Occupancy 49.3%.
* Average occupancy for the Lakes Entrance region is approx. 60% - room to
improve here.
* All plumbing checked and repaired, tiles changed in 10 bathrooms, new
carpets in 39 rooms, new switch board.
* Large land holding area of approx. 7,432m2 of GRZ1 Zoned land.
* Total rates = $6493.50 per annum spread over 6 x titles.
* Coach group and in-house breakfast not yet in operation but in high demand.

A fantastic opportunity to reap the rewards in this regional Victoria tourist town just approx. 3 hours from Melbourne.

Presenting an almost 10% yield.

All appointments by prior arrangements only.

Contact Kamal Sharma direct at MHB for more information.
Other Features / Notes
Freehold, Motel, VIC - Gippsland
Contact Seller

Bsale ID: 644342
Broker REF: 1P0433

McDonald Hospitality Brokers
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