SECURELY LEASED
LOCATION AND BACKGROUND
Positioned in The Great Southern, Gnowangerup is ideally located within a popular tourist precinct and also acts as a busy service centre for the surrounding rural farming districts. It is approximately 120 kilometres north of the regional centre of Albany, 110 kilometres from the picturesque holiday town of Bremmer Bay and approximately 330 kilometres to the south east of the Perth Metropolitan area. It is a substantial town of approximately 1,400 people with both primary and high school facilities , a district hospital and well developed communal recreational facilities
The Gnowangerup hotel comprise a two level older style character building constructed in the late 1880's to early 1900's which has prime frontage onto the main street of town with generous parking areas available for clients. The business is currently leased. The freehold owner has held the freehold as an investment property for nearly 20 years. They have decided to sell the hotel freehold as a securely leased investment property. The business is profitable and currently enjoys an attractive turnover of approximately $800,000 per annum.
PROPERTY FEATURES :
The hotel features the following facilities:
- Full Tavern Licence
- Fully equipped restaurant
- Lounge bar
- Front bar
- Games Room area with Pool Tables and Darts
- Alfresco area
- Bottle shop
- 19 hotel rooms with male and female ablution facilities
- 2 separate self-contained motel blocks
- Fully equipped laundry
- Current tenants on a 10 year lease with 1 x 5 year option
Lease Terms and Conditions:
Commencement Date: 01 February 2020
Expiry Date: 31 January 2030
Options: 1 x 5 Years
Current Rental: Approx $53,000 +GST per annum
Rent Reviews: Fixed rent 3% with a market review on the anniversary of the commencement date (2030)
Next Review: 2023
Review Type: Fixed 3%
Terms sought : Asking price of $ 395,000 as follows :
Land ,buildings and fixtures : $395,000
Vendor Finance : The Seller is prepared to consider providing Vendor finance to assist a suitable buyer to complete the freehold transaction.