Freehold ex-motel trading as budget accommodation on 3,535 sqm on 7 lots

509-517 The Entrance Rd, Long Jetty NSW 2261, Australia
  • 21
  • 23
  • 25
SOLD$3,150,000
  • Description
  • Details
  • Inspections

Description

“CONTINUE AS A HIGH YEILDING INVESTMENT OR AN IDEAL REDEVELOPMENT”

Freehold ex-motel trading as budget accommodation on 3,535 sqm on 7 lots

Featuring a wide and well exposed street frontage, situated on a prominent and valuable corner position on The Entrance Road & Graham Street, take advantage of the zoning & land size.

Property overview;

  • GAR $407,982.35 2017/2018 FY
  • Over 100 metres of street frontages
  • Motel licence attached to the property
  • Sold on a walk in and walk out basis – to be sold as a going concern no GST is attracted on the sale
  • All rooms are ensuited with 9 of the 21 rooms featuring a kitchenette
  • Fully airconditioned with low power (energy efficient) and near new reverse cycle system
  • 2 updated communal bathrooms
  • All current residents are on licence agreements
  • Rooms are approximately 25 sqm in size
  • 1 x 3-bedroom fully self contained apartment, approximately 74 sqm in size
  • Remote access and CCTV surveillance
  • 2 x Internal communal coin operated washer dryer facilities offering additional income
  • Inhouse laundry facilities
  • In-ground pool, BBQ & outdoor entertainment area
  • Industrial kitchen and restaurant area – potentially an extra income stream or continue to use as a communal dining area
  • Vending machines with drinks and confectionary
  • Large office and reception area with attached bedroom
  • Annual occupancy rate at 95%
  • 118 solar panels 3kw (still under warranty)
  • Built circa 1980 | double brick and concrete slab with terra cotta tiles and colour bond roofing
  • Land area of approx. 3,535 sqm | Situated on 7 lots Ranging from 486.9 sqm to 512.2 sqm
  • Current DA in place for an additional 12 rooms – a total of 33 rooms if built according to the DA

 

 

Developers/Builders note:
Legislative update to the Low Rise Medium Density Housing Code commenced on 6th July 2018,

Central Coast Council has been granted a deferral until 1st  July 2019 on parts of the code.

State Environmental Planning Policy (Exempt and Complying Development Codes) 2008

Development Overview;

  • Floor space ratio: 0.6:1
  • Building height limit: 9.5m
  • Land area (approx.): 3,535 sqm spread over 7 lots
  • Approximately 505 sqm per lot
  • Zoned R1 General Residential
  • 2 street frontages via The Entrance Road and Graham Street
  • Direct access via Wyong Road onto Graham Street
  • There may potentially be allowances under the Wyong LEP 2013 for affordable housing developments.
    • Note: Clause 14 (2) (b) of the State Environmental Planning Policy (Affordable Rental Housing) 2009contains provisions relating to the gross floor area of dwellings in relation to affordable housing.
  • Development control plans (LGA based): Wyong DCP 2013 – as amended 11th August 2017
  • Land application LEP: Wyong Local Environmental Plan 2013
  • Local government area: Central Coast Local Government
  • A proven cash flow whilst awaiting DA approval by continuing to operate the property as budget accommodation

“An array of options to continue as is or re-develop and take advantage of the current zoning”

 

Inspections by appointment.

Detail

Updated on October 17, 2018 at 2:39 pm

  • Property ID: DET-5765
  • Price: SOLD $3,150,000
  • Land Size: 3535 m²
  • Bedrooms: 21
  • Bathrooms: 23
  • Garage: 25
  • Year Built: 1980
  • Property Type: Boarding house, Development Site, Lodge, Motel
  • Property Status: Sold

Property Documents

Inspection:

As Advertised or by Appointment