Prized City Fringe Hotel Investment

Description

Burgess Rawson are pleased to offer to market the fully leased Choice Hotels freehold investment located at 51-59 Palmerston Crescent (Cnr Kings Way) VIC for sale via Expressions of Interest closing 3pm Thursday 8 August 2024.

Investment highlights include:

+ Freestanding Choice Hotels investment with a Ten (10) year lease to 2030 plus 3 x 5 year options to 2045.
+ Choice Hotel Asia-Pac: one of the largest hotel franchisors in the world, supported by Choice Hotel International (NYSE: CHN) with over 7,000 hotels across 40 countries.
+ Prime city fringe corner landholding situated on one of Melbourne’s busiest thoroughfare of Kings Way, with exposure to 88,000 passing vehicles daily.^
+ Modern construction (2019) offering substantial depreciation benefits, with 51.3% of the first years net income potentially tax free.^^
+ Rare fixed 4% annual rent increases assuring income growth.
+ Immaculate 69 lettable rooms under lease with 57 studios and 12 spacious one bedroom apartments.
+ 28 secure basement car spaces provided on title and amenities including 50 guest conference room, gym, laundry and staff amenities.
+ Value add 125sqm ground floor retail opportunity with 1 year rental guarantee and potential rental uplift.
+ Prime high-exposure city fringe location only 2km from Melbourne CBD.
+ Prominent Commercial 1 Zone landholding surrounded by office/commercial/residential developments.
+ Strategically located in the heart of Melbourne’s postcard event venues such as Albert Park Grand Prix Circuit (350m – 452k visitors) and Melbourne Park (1.5km – 1 million visitors).
+ Melbourne Tourism: booming $21.7 billion industry with 10.26 million overnight visitors and 1.9 million international tourists.^^^
+ Net Income: $1,461,432pa* + GST.

For Sale by Expressions of Interest
Closing 3pm (AEST) Thursday 8 August 2024.

For further information please contact the agents directly.

^GapMaps
^^J Mathew Advisory
^^^Statista

Enquire

Contact agents
Zomart He 何梓轩 Partner
0488 220 830
Matthew Wright Partner
0458 290 588
Beau Coulter Partner
0413 839 898
Sam Mercuri Sales Executive
0413 830 709
Enquiry Form

South Melbourne, VIC

51-59 Palmerston Crescent

For Sale by Expression of Interest

This property is part of Portfolio 170

Price: Contact Agent

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