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Leasehold Motel Business with High Yield

Leasehold Motel Business with High Yield
Price $1,200,000

Details

Price $1,200,000
Location Woree QLD
Categories Food/Hospitality
Date Listed 5th October, 2019
Listing ID 6692

Description

Leasehold Motel Business with High Yield

Here is an excellent opportunity to buy a leasehold motel business in Cairns. The business comprises two parts – a quality 38 Unit motel and 120 seat restaurant.
The immaculate motel on approx. 4,600 sqm has a reception/guest lounge, large swimming pool, covered parking, house and guest laundry, extensive tropical landscaping, manager’s residence and many other features. Applications are in place for the construction of another 22 rooms and a chapel. Located about 5 km from Cairns CBD, the business is close to the Stocklands Shopping Centre, Cannon Park Race Course and Cairns Golf Course. Due to these features, quality of the premises and the proximity of the motel to important local attractions and the Cairns CBD, the motel has strong repeat corporate clientele.
The detached restaurant has a commercial kitchen and separate bar. Refurbished in 2018, this profitable restaurant is an upmarket Asian restaurant with an outstanding reputation among its local and Asian clientele. Total net profits of the motel and restaurant for the past 12 months $399,186.