Holiday destination Mollymook motel sells for $6.57 million

A motel in one of Canberra’s most loved tourist destinations has sold for a lofty price.

The perfectly positioned Mollymook Shores Motel sold for $6.57 million last month.

Situated in what is known as the “golden triangle” for its proximity to the beach and multiple accommodation options on a triangular block, the four-star motel was sold to an undisclosed Sydney-based buyer.

Selling agents Russell Rogers and Jane Fang of Resort Brokers Australia explain that the buyer acquired the property from a group of investors associated with former on-site owner-operators Dawn and Greg Makeham.

“This motel, which underwent significant refurbishment and was trading very strongly under the previous owners, has a superb position opposite Mollymook Beach and the twin jewels of Mollymook Surf Lifesaving Club and Mollymook Golf Club,” says Rogers.

“We were able to achieve an excellent price in what is a very tightly held tourism hotspot.”

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Mollymook Shores Motel features 27 self-contained suites, a restaurant and bar, conference facilities, barbecue amenities and a pool.

“The buyer was attracted by the quality of the property and its high year-round bookings,” says Rogers.

The sale comes as the South Coast experiences a sustained surge in tourism.

Latest figures from Tourism Research Australia’s National Visitor Survey show the South Coast region received more than 3.8 million domestic visitors in the 12 months to September 2017, representing an annual increase of 7.7 per cent.

“The NSW South Coast is a lucrative region for accommodation, business and property investment,” adds Rogers.

“Opportunities are keenly sought by operators and investors, especially ones such as Mollymook Shores Motel with outstanding location and growth prospects.”