As the tourism and hospitality industry ramps up, interest is growing for commercial property investments, one regional broker has revealed.
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After 17 years, the family-owned property that houses The Boulevarde Motor Inn is up for sale with an asking price of $3.3 million.
Neville Harvey, from Country Business Brokers, said the sale of the Wagga freehold property was not one typically seen in regional cities due to the size of the motel.
He said there seems to be a spike in demand for commercial properties due to a few reasons.
"With the banks not paying very much interest on investment money, if you can get a good property then that is the way to go," Mr Harvey said.
"We sell a multitude of business such as hotels, motels and caravan parks and the majority of enquiries are for hospitality industries.
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"I was chatting to someone in Parkes, and they were saying how the motels are fully booked because people are getting out and travelling in the state, so that is generating interest."
Mr Harvey said in the past, this sort of investment would appeal to superfunds, but there has been interest from local buyers.
"Often there would be accountants who would have several clients who would form a company to buy a property," he said.
"But right now, there is a lot of interest from overseas buyers because Australia is considered such a safe place to invest.
"However, we have had a few enquiries from locals since putting the listing up."
Mr Harvey said the current lessee took over the motel a few years ago and has already increased the business.
It is currently leased until 2023 with a further four by five year options.