Internal Ref: 1P3156
Summary
MQ & Associates have been exclusively appointed to offer for sale the Leasehold Interest of the Elite Motor Inn, Armidale. This motel is exceptionally well presented, trading strongly, and complem...
About the Business
MQ & Associates have been exclusively appointed to offer for sale the Leasehold Interest of the Elite Motor Inn, Armidale.
This motel is exceptionally well presented, trading strongly, and complemented by a magnificent residence. The current owner occupies a one-bedroom apartment for personal use; however, this space could readily be converted into an additional guest unit, creating an opportunity to further enhance rental income and lease return.
The landlord has also recently invested more than $30,000 in capital improvements, including extensive plumbing upgrades and the replacement of guest room doors. As one of the newer motel developments in town, the asset offers a high-quality presentation and strong operational performance, which I believe justifies the attractive yield on offer.
- Lease term - 14 years (expires 2040)
- Rent $164,896 (excl GST) 14 rooms
- 1,281m² land size (approx.)
- Covered BBQ area
- Guest laundry
- 3-bedroom residence
MQ ID 1P3156
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