Corio Bay Motel owners chase international millions

The owners of Geelong’s Corio Bay Motel are hoping an international buyer will pay a multi-million price for the landmark northern suburbs property.

The freehold to the Princes Highway accommodation has hit the market for the first time in 30 years as the owners sought to leverage the increased demand for Asian investors in Corio residential property market.

CRE Brokers agent Dave Harris says the owners, who also previously operated the business before selling the leasehold, have watched with interest as the Corio property market grew on the back of investors confidence.

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Harris wouldn’t reveal price expectations for the property, but indicates the agents are seeking a short yield on the 2322sqm site at 292-296 Princes Highway, Corio.

The Corio Bay Motel was built in the 1960s.

Owners want a multi-million dollar figure for the Corio Bay Motel site. The business is not part of the sale.

The motel’s 25 rooms attract workers during the week and wedding and family function guests at weekends.

The business, which holds the remaining 15 years of a lease on the 15-room motel, is not part of the deal.

Harris is marketing the property as a passive investment opportunity with development potential.

He says the property’s position as the first motel in Geelong, development of the international terminal at Avalon Airport and business attracting workers in the area during the week and wedding and function guests at weekends are strong points for the investment.

This article from the Geelong Advertiser originally appeared as “Owners seeking multi-million price for landmark Corio Bay Motel”.