Queanbeyan motel listings see keen buyer activity
Wallaby Motel is the latest to sell in a string of Queanbeyan motel transactions.
Resort Brokers Australia has just finalised the sale for $2.8 million, the fifth Queanbeyan motel sale brokered by the agency’s specialist broker, Russell Rogers, in under four years.
The five recent sales, totalling more than $12 million, represented a valuable vote of confidence in the region’s economy, Mr Rogers said.
They have included the Queensgate Motel freehold investment, Olympia Motel freehold going concern, Crest Motor Inn freehold, and the owner-operated Village Cabins.
The latter, a 19-villa property on 3,395 square metres now refurbished and renamed Canberra Avenue Villas, has recently been listed for sale again through Mr Rogers priced at $2.675 million.
The 28-room Wallaby Motel was sold as a freehold going concern by former owner-operator eBizco Australia Pty Ltd, who held it for 14 years, to experienced hotelier, Sharon Riddle, who owns a number of accommodation properties in Australia and one in the UK.
The 2,215-square-metre CBD motel in Crawford Street includes a range of 3.5-star double, queen, twin and family rooms, 50-seat licensed restaurant, two-bedroom manager’s residence, and off-street parking for 31 vehicles.
“With the business and commercial precinct at its doorstep, and located only 12 minutes from Canberra Airport and 20 minutes from Parliament House, the Wallaby Motel draws strong trade including business guests, tourists and visitors accessing Canberra services,” Mr Rogers said.
“Well situated, with a generous area of land, consistent turnover and obvious potential for growth, it presented the buyer with an excellent investment proposition.”
“Guests include repeat corporate travellers, tradespeople, independent holiday makers, tour groups, and many who come to the region on government-related matters,” he said.
