Bayswater Tweed Motel and two adjoining residential blocks have been listed for sale by advisory and investment firm KordaMentha as receivers and managers for the motel.
The 4,689sqm site, combining Bayswater Tweed Motel at 129 Wharf Street and two residential blocks at 16-18 Boyd Street, is being offered individually or together.
The 3,341sqm motel comprises 38 motel rooms, a reception, a restaurant, conference facilities, a swimming pool and guest parking.
The site has DA approval from Tweed Shire for a multi-level residential development over two towers encompassing 126 residential units and 149 car parks.
The proposed plans feature 98 two-bedroom apartments, 16 three-bedroom apartments and 12 one-bedroom units, adding much needed supply to the local housing market.
CBRE’s Hayley Manvell, Mark Witheriff and Daniel Doran are managing the sale via an Expression of Interest campaign closing November 9, 2023.
“Accommodation offerings, particularly in coastal areas such as Northern NSW and the Gold Coast, are highly sought after given the limited availability of freehold assets for sale and the high barriers to entry for new development projects,” Ms. Manvell said.
“As domestic tourism to coastal locations continues to flourish and with increasing numbers of international travellers returning to Australian shores, this opportunity offers an operational business with immediate cash flow and a good foundation to build upon for long-term capital growth potential.”
Mr. Witheriff added, “The northern rivers region is experiencing a housing shortage, and this property is available immediately to start adding much-needed units to the critical shortage in the Tweed Heads housing market.”
“We expect the Bayswater Motel to attract interest from owner-operators, motel investment funds, major brands as well as developers for an alternate use.”