Strategic Bellarine Peninsula motel site well placed for expansion

186 High St, Drysdale, is currently operating as the Lakeview Hideaway motel.

A Bellarine Peninsula motel at the gateway to Drysdale has sparked the imagination of buyers keen to unlock the potential of the strategic site.

The 1.61ha property is currently operating as Lakeview Hideaway, where 10 refurbished motel units provide an established income stream.

But Whitford Troost, Newtown listing agent Ryan Troost said there was significant scope to add value, with a restaurant and storage facilities among ideas being tossed around by potential investors.

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He’s calling for expressions of interest in the property, at 186 High St, Drysdale, by August 14. It’s expected to fetch in the mid to high $4m range.

Mr Troost said it offered the flexibility of an existing income stream, a four-bedroom house and excess land ripe for further expansion or development.

The current owners have renovated the 10 motel units to create accessible accommodation for people of all abilities.

Each has its own ensuite and kitchenette and access to a communal swimming pool, spa and covered barbecue area.

The 1.16ha site is in a high-profile location with dual road frontages.

The four-bedroom house has multiple living areas.

“There is an income now and I think there is certainly room to up the market for that motel business,” Mr Troost said.

“There has been some investment there but there is always some room for improvement to increase that.

“There is also a house on the property that someone could potentially use for accommodation. It’s currently being used by the accommodation manager.”

He said the additional land, which includes three substantial sheds, could pave the way for more motel units, subject to council approval.

The site has two road frontages, with access also available off Hackwill Place.

The 10 motel units are suitable for guests of all abilities.

The motel units have been refurbished.

The manager’s residence has an updated country style kitchen.

“We have had a range of inquiries, some people are looking at putting a restaurant there or storage, as well as investors,” he said.

“It’s currently a rural living zone, but there is another property to the south with the same zoning and, interestingly, that’s a petrol station so there is a bit of a precedent for some future development.”

The site is a short drive from the Drysdale town centre and walking distance to Lake Lorne and the Bellarine Rail Trail.

It’s also on the doorstep of the Curlewis Golf Club and Leura Park Estate winery.

Mr Troost said the recent rezoning of land on opposite the motel for housing would only further fuel growth in the area.