A Belmont freehold property containing a popular motel sparked an auction frenzy, selling $500,000 over reserve last week.
The lure of the investment with a high underlying land value attracted overseas interest in the 3839sq m property at 14-16 Settlement Rd, Belmont.
The property sold for $2.3 million at auction, achieving a yield of 4.69 per cent.
Burgess Rawson, Melbourne agent Shaun Venables said a Chinese national purchased the freehold property in the bidding contest between three overseas investors.
There were 90 inquiries for the property prior to the auction, he said
“While historically motels can be difficult property to sell with investors expecting a higher yield than most assets, there was far more to this property in that the location, size and value of the landholding and proven business operators ensured a mixture of different buyer types including investors, developers, hoteliers from both Geelong, Melbourne and overseas,” he said.
For more information please contact Shaun Venables
M 0411 860 865
D 03 9613 0442
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Written by Peter Farago, published by Geelong Advertiser