Landmark Corio motel freehold listed with multimillion price hopes
Potential investors could play their part in growing the number of beds in Geelong’s accommodation sector with a landmark Corio hotel.
Buyers have been quick to size up Geelong’s Corio Bay Motel after the freehold to the accommodation venue hit the market.
The freehold to the 292-296 Princes Highway establishment has been listed for sale with $3.5m price hopes.
Gartland Property, Geelong agent Michael De Stefano said the property presented a secure income through a $149,000 a year lease to the 25-room motel’s operators.
A five-year lease from August 2018 has further options.
Mr De Stefano said the landmark 2323sq m Corio site also offered future development opportunity its position near the northern gateway to the city, including adding more rooms, subject to council approval.
“It’s the first motel coming into Geelong and I think hotel accommodation is in high demand,” he said.
“It doesn’t matter at what level, it’s in high demand in Geelong as we’re a couple of thousand beds short in terms of what we actually need.
“I think the strength of that investment will be in people who are holidaying in Australia — Australian accommodation for the next couple of years will experience heightened growth.”
Mr De Stefano said the site two street frontages meant it also offered development potential down the track.
The current owners have had it since 1980 and have always had it occupied, he said.
“It’s been a fairly high occupancy venture, so there would be future uses if you wanted to continue that,” he said.
“(But) There is little opportunity for development down that way and there is more and more traffic coming into Geelong. It’s a really high-profile location.
“It is something you can park and reap some good income on it. Then look to potentially do something in the future or no.”
Mr De Stefano said the majority of interest had been from outside the region, including investors and those interested in the accommodation aspect.