Rare opportunity has arisen to purchase the freehold of this property that would be perfect for future development. Forster needs new high rise apartments as we have local people wanting to move from their homes into a unit.
The location of this property also lends itself to being sold to holiday makers as it is within a short walk to Wharf Street shops, Wallis Lake, Main Beach & Pebbly Beach.
The motel consists of 21 rooms over two levels with residence & office plus a small indoor/outdoor dining area. Ample car parking with main street frontage & laneway access, the block is approximately 2031 sqm.
The option to renew the 5 x 5 year lease is due on 1st June 2017 & is currently showing an approximate net return of 6.6%.
If you are a developer and love the coast this is the site for you. Priced at $3,000,000. Vendor finance available.
If you are interested in this property please contact Karen Hoswell on 0408 078 606 or 02 6554 8717
