Travel North Pty Ltd, 11 Third Street,
Katherine, NT 0850
EXPRESSIONS OF INTEREST BY 29TH NOVEMBER, 2019
Key property information
Map of Travel North Pty Ltd, 11 Third Street
FREEHOLD BUDGET ACCOMMODATION IN THE HEART OF KATHERINE
Palm Court Budget Motel and Backpackers is an ideally located 20 room motel in the heart of Katherine, perfectly suited to owner operator, social housing enterprise or those seeking a development opportunity.
The motel is being sold on a freehold basis, situated on a large corner block of approximately 2150m2 with plenty of room for additional development (stca) approval required. It is positioned on the corner of Third and Giles Streets just 300 metres from the Katherine University, supermarkets and within 500 metres to Katherine Centre.
Current owner/operator has freshly renovated, re-tiled & plumbed 14 of 20 en-suited bathrooms and is re-positioning the business model to focus on niche local market catering to strong and consistent demand for long term budget accommodation. Katherine currently only has 2 other ‘social housing’ facilities making this accommodation business an attractive prospect to explore possibilities of government subsidies.
The business requires minimal staff (especially for long term residents) and can comfortably operate with one on-site manager/caretaker. Conservative business forecasts offering over 10% return.
* 20 x Motel Rooms - various configurations (single, double and dorm-style bedrooms)
* This is a configuration well suited to a back-packers market and the dorm beds still sell @ $150pw per bed (could easily be converted to family rooms if required.
* All rooms with private en-suites and air-conditioning
* Swimming pool
* Common kitchen and laundry facilities
* Reception area
* Spacious 2 bedroom, 1 bathroom caretakers residence (open plan lounge and kitchen).
* On site parking
* 30 KW grid centred solar system
* Central location – 2 minutes walk (500m) from town centre
The business is currently run under management and with longer term customers, less cleaning/maintenance is required. The accommodation has a communal kitchen and communal laundry facilities along with plenty of parking for all guests.
Katherine is a town in the Northern Territory of Australia. It is situated on the Katherine River below the "Top End", 320 kilometres southeast of Darwin. It is the fourth largest settlement in the Territory and is known as the place where "The outback meets the tropics". Katherine boasts a healthy tourist market and is well positioned to grow with strong regional economic spending in defence, agriculture and mining. Australian Bureau of Statistics report that Katherine Daly Tourism – Year ending June 2019 had approximately 296,000 international and national tourists. Top 5 international markets are Japan, USA, UK, Germany and China. Top national states are NSW, QLD and Victoria.
This business with freehold title is now on the market. Your expressions of interest are welcome by close of business, November 29th, 2019. Enquire today for more information.
NOTE: A freehold sale is the preference but will consider the sale of the business only with long-term secure lease. Any refurbishments required would be at the cost of the new owner.
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Property ID: 503366826Last Updated: 22 Feb 2020