Retro lovers race for highway Classic Motel
Retro lovers have a chance to revive the ageing Classic Motel — but they are up against developers racing to cash in on Gold Coast Hwy sites along the extended light rail route.
The 817sq m motel site at 2429 Gold Coast Hwy, Mermaid Beach is marketed via an expressions of interest campaign with Antonio Mercuri and Luke Reaby, of GV Property Group.
“This is your typical vintage-looking motel which people drive past everyday, and I’m sure many people have stayed there over the years,” Mr Mercuri said.
“Demand for these motels is certainly very high, either to renovate and hold, or to capitalise on the position near the extension of the light rail corridor.”
The Classic Motel is being sold via an expressions of interest campaign
Mr Mercuri said the fully operational eight room motel was located on a corner site just 300m from prestigious Hedges Ave and the beach.
The double-storey building on the corner of William St also has a three-bedroom manager unit, and there is a swimming pool onsite.
The site is currently zoned for medium density development up to 15m in height.
“Classic Motel provides a current holding income and scope to create a boutique development in a highly sought-after location,” Mr Mercuri said.
Plans to extend the light rail from Broadbeach to Burleigh have spurred an increase in new tower proposals along the highway stretch.
Dive into this freehold investment
Classic Motel will be sold as a freehold investment and is currently leased for $114,300 annually.
It has been owned by a mother and her son since 2009.
The current lease expires in 2023, with an option to extend for a further three years.
The Classic Motel is the latest in a string of ageing motels to hit the market in the last two years.
Browns at Broadbeach Motel on a large 2,286sq m site was snapped up for $7 million in 2021 following a campaign with Ray White.
There are eight guest rooms
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The Miami Motel sold for $2 million in July, while further south, a Brisbane buyer splashed close to $10 million on the 1539sq m beachfront site of the Bilinga Beach Motel.
And the Montego Mermaid Beach Motel, refurbished in 2018, sold under the hammer in December for $5.5 million.
GV Property Group also sold The Castle unit block at 2419 Gold Coast Hwy to Highlife Homes for $4.5 million in December.
Expressions of interest close April 7.
It’s on a corner block close to Hedges Ave
