Colliers transacts Rye Beach Motel in popular Mornington Peninsula in excess of $3M16 January 2024
Colliers agents James Zhuang and Lucas Soccio have secured the sale of Rye Beach Motel, brought to the market for the first time in 13 years. The fully operational and well-located motel sits on a large corner allotment possessing a land area of 2,384 sqm providing a favourable General Residential Zone 1 (GRZ1), selling for $3,280,000.
This rare opportunity, combining attractive land size, touristic location and future upscale possibilities, generated high-interest competition with 7 offers at the conclusion of the Expressions of Interest Campaign.
Colliers agents James Zhuang and Lucas Soccio seized the timing to their advantage by running the campaign leading up to the summer period when the Mornington Peninsula is at its busiest, comforting buyers in investing in this attractive and stable asset.
Lucas Soccio, Executive of Colliers Melbourne Metro Sales, said, “The continual growth of the Mornington Peninsula corridor has seen an influx of demand to acquire high-quality assets in premium locations.”
“Land parcels that provide flexibility regarding its future use has attracted greater enquiry from a larger pool of buyers.”.
Colliers Executive James Zhuang adds “Since 2023, enquiries of tourism property from local and offshore clients have been increasing, and the hotel and tourism property sector has witnessed a growing surge in investor confidence.”
“Australian tourism experienced a remarkable upturn, with a staggering 7.3 million international visitors, nearly double the figures recorded in 2022. And the positive trend is expected in 2024.” added Mr. Zhuang.
The fully operational Rye Beach Motel, which has been in operation for 32 years, is located in the heart of the Mornington Peninsula suburb of Tootgarook and offers numerous uses, including continued short-term accommodation or low to medium-density residential over three levels, to name a few.