Freehold ex-motel trading as budget accommodation on 3,535 sqm on 7 lots

“CONTINUE AS A HIGH YEILDING INVESTMENT OR AN IDEAL REDEVELOPMENT”

Freehold ex-motel trading as budget accommodation on 3,535 sqm on 7 lots

Featuring a wide and well exposed street frontage, situated on a prominent and valuable corner position on The Entrance Road & Graham Street, take advantage of the zoning & land size.

Property overview;

• GAR $407,982.35 2017/2018 FY
• Over 100 metres of street frontages
• Motel licence attached to the property
• Sold on a walk in and walk out basis – to be sold as a going concern no GST is attracted on the sale
• All rooms are ensuited with 9 of the 21 rooms featuring a kitchenette
• Fully airconditioned with low power (energy efficient) and near new reverse cycle system
• 2 updated communal bathrooms
• All current residents are on licence agreements
• Rooms are approximately 25 sqm in size
• 1 x 3-bedroom fully self contained apartment, approximately 74 sqm in size
• Remote access and CCTV surveillance
• 2 x Internal communal coin operated washer dryer facilities offering additional income
• Inhouse laundry facilities
• In-ground pool, BBQ & outdoor entertainment area
• Industrial kitchen and restaurant area – potentially an extra income stream or continue to use as a communal dining area
• Vending machines with drinks and confectionary
• Large office and reception area with attached bedroom
• Annual occupancy rate at 95%
• 118 solar panels 3kw (still under warranty)
• Built circa 1980 | double brick and concrete slab with terra cotta tiles and colour bond roofing
• Land area of approx. 3,535 sqm | Situated on 7 lots Ranging from 486.9 sqm to 512.2 sqm
• Current DA in place for an additional 12 rooms – a total of 33 rooms if built according to the DA

Developers/Builders note:
Legislative update to the Low Rise Medium Density Housing Code commenced on 6^th July 2018,

Central Coast Council has been granted a deferral until 1^st  July 2019 on parts of the code.

State Environmental Planning Policy (Exempt and Complying Development Codes) 2008

Development Overview;

• Floor space ratio: 0.6:1
• Building height limit: 9.5m
• Land area (approx.): 3,535 sqm spread over 7 lots
• Approximately 505 sqm per lot
• Zoned R1 General Residential
• 2 street frontages via The Entrance Road and Graham Street
• Direct access via Wyong Road onto Graham Street
• There may potentially be allowances under the Wyong LEP 2013 for affordable housing developments.
  • Note: Clause 14 (2) (b) of the State Environmental Planning Policy (Affordable Rental Housing) 2009contains provisions relating to the gross floor area of dwellings in relation to affordable housing.
• Development control plans (LGA based): Wyong DCP 2013 – as amended 11^th August 2017
• Land application LEP: Wyong Local Environmental Plan 2013
• Local government area: Central Coast Local Government
• A proven cash flow whilst awaiting DA approval by continuing to operate the property as budget accommodation

“An array of options to continue as is or re-develop and take advantage of the current zoning”

Inspections by appointment.