The property is no longer trading and is being placed on the market to sell as vacant possession. The total area of the allotments is 3,083 sqm and sits on three individual titles (freehold). In the hey day the property was trading as a hotel and motel operation with commercial kitchen and dining facilities. All existing motel units/ kitchen/ dining rooms/ hotel are all inclusive. The property requires capital works to bring the assets back up to a commercial operation. Pls note there is no liquor license attached to the sale.
There is an abundance of potential with this property and would ideally suit a commercial operator to house employees or maybe a government agency to house clients.
The decor and building is very much in its original condition and even has a bit of quirkiness too it in the main bar/ lounge areas.
A total of 30 motel units with ensuites are available once renovated. Assorted sheds, garages, vacant land and further building infrastructures are all inclusive.
Council rates are approx $17k per annual, water rates approx $4k per annual plus water usage.
The asset has so many diverse usages stca. An inspection will give you a full picture.
Please consult your accountant if GST is applicable on sale price.
Agents Note:
1. It is highly recommended that all purchasers have pre-approved finance before booking inspections. This is a requirement for all inspections.
2. All offers are to be in writing with the terms and conditions of the offer.
3. All properties will stay on the market and all offers will be presented to vendors right up until an exchange of contract.
4. The agent is obliged to submit all offers to a vendor even though there might be an offer and acceptance between buyer and seller. This is known as guzumping and it is legal in NSW.
5. It is the responsibility of the purchaser to efficiently exchange a contract of sale, otherwise guzumping can occur.
Gazumping
Gazumping occurs when you have a verbal agreement with an agent or seller to buy a property at an agreed price but the property is not sold to you in the end. This usually happens when the vendor (the person selling the property) has decided to sell the property to someone else, usually for a higher amount or better sale conditions. The agent is legally obliged to pass on to the vendor any further offers received for the property up until the exchange of contracts.
If you are gazumped, neither the agent nor the vendor is obliged to compensate you for any money you may have spent on legal advice, inspection reports, finance application costs or inquiries.
In NSW, a property sale is generally only binding on the vendor and buyer when contracts are exchanged between the two parties. Exchange occurs when the vendor signs their copy of the sale contract; the purchaser signs their copy, and the two parties 'exchange' their signed contracts. It is usual at this time for the purchaser to pay a deposit, usually 10% of the purchase price.
https://www.fairtrading.nsw.gov.au/housing-and-property/buying-and-selling-property/buying-a-property/gazumping
