A prominent motel with significant development potential located less than a kilometre from the Coffs Harbour CBD on the NSW mid north coast has been listed for sale by Ray White Hotels Australia.
The Premier Motel Inn located at 44 Bellingen Road, Coffs Harbour, is being offered for sale in an Expression of Interest campaign led by Leon Alaban and Grant Bailey of Ray White Hotels Australia.
Mr Alaban said the AAA rated 3 ½ star motel was located on a site of approximately 8,709 sqm and featured 32 accommodation rooms, reception, dining area, kitchen, guest laundry and playground.
He said the site had previously received obtained an approval for the demolition of the existing motel buildings in order to make way for a multi-unit residential development.
“At the time of the approval the proposed development was to include 104 units, a sub-floor basement with 119 car spaces, a pool zone and a new one-way ring road providing access to the unit blocks,” Mr Alaban said.
“After 14 years, the owners have decided to sell the property and enter retirement, providing the necessary motivation to achieve a sale; based on the previous development approval of 104 units the owners will consider offers in the vicinity of $25,000 per unit site, therefore making this a very attractive opportunity for all types of developers”.
“Given the size of the site and its proximity to the Coffs Harbour town centre, the motel could lend itself to an array of other uses including an aged care/retirement village development, an “affordable living” development or the expansion/reconfiguration of the current facilities into a resort style complex.”
Mr Bailey said the Premier Motel Inn is an exceptional opportunity and will be well sort after being having a R3 Medium Density Residential zoning and its strategic location approximately 700 metres from the Coffs Harbour CBD and approximately four kilometres to the popular Jetty Strip precinct.
“The existing motel features a variety of rooms, including standard queens, deluxe queens, deluxe twins, family hotel rooms and executive suites,” he said.
“This is a rare chance to secure a strategic freehold going concern investment in a sought after location and we urge all prospective buyers to register their interest to avoid disappointment.”
Coffs Harbour is located approximately 540km north of Sydney and is approximately 390km south of Brisbane.
The motel fronts the Pacific Highway, the main arterial road through Coffs Harbour and is in close proximity to the Coffs Harbour Golf Club and the Coffs Harbour Racing Club.
Expressions of Interest for the property close at 4pm (AEST) on Thursday, May 21, 2015.
For more information:
Mb: 0422 011 455
Mb: 0414 818 909
About Ray White
Ray White is the largest real estate and property group in Australasia. The company, established in 1902 at Crows Nest in Queensland, has almost 1,000 individual offices spread across Australia, New Zealand, Indonesia and India as well as newer offices in key locations in the Asian region and the United Arab Emirates. The brand is represented by more than 8,000 staff, has an annual sales turnover in excess of $30 billion and manages more than 300,000 rental properties.
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