Four inner-city motels on the market worth millions
MOTEL OWNERS in and around the city's centre are selling up, with four motels listed on the market.
Three of the four are relatively large, well-established motels, with the owners moving on for various reasons, including retirement or a move out of Gladstone.
Some present exciting opportunities for an investor and the Gladstone community, with the potential for a future buyer to undertake a dramatic re-development.
For some of the motels, the price tag has been kept between the vendor and potential buyers, but one has a price tag on it for in excess of $3 million.
1. Mid City Motel
THE OWNER of Goondoon St's Mid City Motel has thrown it on the market for a whopping $3.6 million.
The freehold motel has recently had a $36,000 revamp, the motel has been zoned for eight storeys, presenting a re-development opportunity for a new owner.
But the owner, Heresh Patel, is marketing the motel on its central location, just up from the East Shores and the Yacht Club, and next to Goondoon St's eateries, pubs and clubs, all of which has made it a popular pick among visiting corporates.
Mr Patel, who bought the motel in 2013, rode the end of the boom, with plenty of workers and corporates checking in.
He will open the books to show its high net profit to any potential buyers serious about investing.
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2. Mawarra Motel
THE MAWARRA Motel might be up and running once again if a future buyer chooses to re-open it.
LJ Hooker Gladstone, the agents charged with selling the 30-room motel, are taking expressions of interest for purchase until November 17.
The motel, which has sat dormant for years, comes with a litany of facilities, including a pool, a court yard, a laundry, restaurant and bar, and parking.
It's just 1km from the Goondoon St and 6km from the airport, placing it in a part of the market which could be attractive to tourists.
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3. Bed and breakfast
A BED and Breakfast once used by a company with cash to splash to spoil its hard-working employees is up for grabs.
The five-bedroom Herbert St property has all of the luxuries and facilities, including a "large corner spar" in each room, six bathrooms, a washing machine, air cons, a storage room, and a large open plan lounge and dining area.
4. Toolooa Gardens Motel and Apartments
GRANDMA of 11 and great-grandmother of five Mary Moore is selling her Toolooa Gardens Motel to spend more time with her family.
Mrs Moore has had guests from all walks of life from fly-in fly-out workers to celebrities, including Jimmy Barnes, Dick Smith, Ian Moss, Eskimo Joe, and Mal Meninga, all of whom she has photos of in her reception.
She said she's had plenty of interest from potential buyers, many of which she said have problems when it comes to convincing a bank to loan money for a Gladstone investment.