Stepping back to the late 1950's, this iconic piece of real estate was the first motel of its kind in Colac on what was then the main highway. Fast forward six decades and this property with a residence and 22 individually leased units presents a most unique business opportunity.
The 2-storey home, facing onto the street is currently split into a 3-bedroom owners residence and a one bedroom self-contained managers residence.
The top storey of the home offers 180-degree views from Lake Colac right around to the city of Colac through floor to ceiling windows. The open plan kitchen, living and dining has been well cared for and features a mix of hard wood floors and carpet. The kitchen comes complete with a dishwasher and electric stove and cook top as well as split system heating and cooling.
The master bedroom is of ample size and leads into an ensuite with separate shower and bath and in turn into a walk-in robe.
The top floor also homes 2 additional bedrooms, both with built in robes, a main bathroom and laundry.
The lower level of the home is currently apportioned as the managers residence and is fully self-contained with a bedroom, kitchen, lounge room and bathroom.
Nestled amid the well-established gardens at the rear of the home are the 22 one-bedroom units, are all on their own separate title and with lease agreements, spread across 3 accommodation blocks. Each unit is approx 40 sqm comprising of an open lounge and kitchen area with a separate bedroom of a good size. They have a mix of floor coverings, split system heating and cooling, oven, sink and kitchen and pantry storage. The bedrooms all have built in robes. The bathroom design includes toilet, shower and vanity. Each unit also has an allocated parking area.
A communal laundry services the units and comprises industrial washer and dryer.
The units are all currently leased with a weekly rental income of $4655.00. They are furnished for the tenants with beds, tables, couches and window furnishings. The leases include all utilities and are privately managed on-site.
The property is spread over just under 5 acres of land. There is the ability of continuing the business in its current form or a wonderful opportunity exists to broaden the scope and nature even further.
Private inspection by appointment only.
▶
