Bellarine Peninsula motel, home listed with growth options
A BELLARINE Peninsula motel and four-bedroom residence has hit the market offering buyers a business that’s emerged from Covid in good shape and offers future development prospects.
The motel business, known as 323 on Jetty, and home occupies a 1.66ha property at 3-15 Hackwill Place, Drysdale.
The property is located between High St and the old Jetty Rd near the Geelong-bound interchange of the Drysdale bypass.
Colac to Coast agent Andrea Ivermee has listed the property in conjunction with RT Edgar, Ocean Grove agent Brock Grainger, with price hopes at $3.5 million to $3.65 million.
Ms Ivermee said it’s been listed primarily as a freehold property, but with the bonus of a business as a going concern.
She said the sellers, Michael and Diane Alstin, who were looking to retire, had converted the bed and breakfast to a 10-room motel by dropping food services amid Covid restrictions.
“They found that Covid did impact tourism a little bit. But what they did find was all the construction going on down on the Bellarine Peninsula has bought a lot of workers to the area, so they get a lot of last-minute calls,” she said.
“There can be anything like two bookings and at the end of the day they’ve got eight rooms taken.
“Being in that location, it’s one of the only accommodation places in Drysdale – a lot of the others are spread around in Portarlington and Ocean Grove.
“Even with Covid last year, on their books they got $150,000 income, which is not bad to live in acreage.”
The motel rooms have raked square-set ceilings and plantation shutters, a kitchenette and bathroom with an open shower, a split-system airconditioner and secure access via a keypad entry. One has access for all abilities.
The keypad system can be controlled remotely, so it doesn’t tie owners to the property.
“They’ve made it easy to run, they’ve got a cleaner in place, selling with all the furniture, appliances.
“Someone is buying an acreage with a lovely house and good sheds as well as an income stream if they wanted it.”
The property has an electric-heated swimming pool and spa and a barbecue area, plus two storage rooms, public toilets and ample off-street parking.
The private four-bedroom residence allows owners to live on site, with the reception located at the end of the house.
It has a cental open-plan living, dining and kitchen zone that opens to a covered outdoor entertainment area, and a separate living zone with outdoor access.
Ms Ivermee said services were connected to the property during the construction of the Drysdale Bypass interchange, allowing new owners to seek council approval for future development.
“You’d have to rezone to get any further redevelopment done, but the beauty for them is they’ve got ample shedding but there’s room for more.”