A rare offering of a passive investment with 10 self-contained motel styled rooms all located on the ground floor with a separate 4 bedroom, 2 bathroom managers residence on the first floor enjoying expansive river views.
With enormous potential for an investor, developer or family with their sites set high, properties like this rarely present themselves for purchase.
The property is being offered to the market for the first time in almost 17 years. The current owners ceased the Motel operation some 7 years ago and in semi retirement have been utilising the property as their own private residence whilst earning an income from short term rental accommodation from some of the ground floor units.
- POTENTIAL INCOME (short term permanent rental) $175,000 PA
- 911 sqm corner allotment
- 18.3m frontage to Minjungbal Drive. 50m frontage to Agnes Street
- Zoning - medium density residential r3 - 13.6m building height limit
- 10 individual ensuited ground floor accommodation units
- First floor, 4 bedroom Managers residence with river views
- Communal recreational, games room
- Swimming pool
- Abundant on site car parking
POTENTIAL INCOME - (short term permanent rental) $175,000 pa.
RATES - $2,819.85 pa.
Water - $271.00 per quarter
The location neighbours the buzzing beach side Twin Towns of Tweed Heads and Coolangatta where you will find endless cafes, restaurants, bars and of course the world famous heritage listed surf beaches.
You will enjoy being moments to Major Shopping Centres, Tweed Hospital and Twin Towns, a mere (5) minutes to Coolangatta Airport and Southern Cross University. The M1 Motor way is only a few minutes away, 45 min to Byron Bay and 1 hour to Brisbane.
This coastal region is extremely popular given it is on fringe of the Southern Gold Coast and continues to benefit from federal, state & local infrastructure projects.
Up and down the Pacific Hwy, neon and fluro motel signs glowed with ads for vacancies, pools and air-conditioning. It was the 1960s, 70s and for the first time, families had cars, cheap petrol and paid vacation days to road-trip up and down the East Coast of Australia, Motels were the choice of many.
Whether you plan to re develop, reinvigorate by undertaking some cosmetic freshening of the motel rooms or enhance the full motel operation to realise its potential rental income & occupy part of it yourself, then this property is a very smart choice.
Such a strong investment property with a potential huge development upside, in this precinct of one of Australia's beach resort townships, is bolstered by the flow-on effect of massive current city centre development projects, strong population growth and the looming tourist boom.
PRICE: $1.85 million
For further information please contact Peter Antony, DJ Stringer Property Services.