The market for Wagga hospitality investment doesn't appear to be slowing down, with the site of the Boulevarde Motor Inn the latest property to change hands after a $3.2 million sale.
The freehold sale that settled last week will see the motel business itself locked in for the long-term with a 30-year lease for operator Stephen Gilchrist written into the multi-million dollar deal.
No major changes are on the horizon for The Boulevarde, with Mr Gilchrist simply happy to continue with the business he took over two years ago on the new, decades-long lease.
Country Business Brokers' Neville Harvey who managed the sale said the buyer is a long-time resident of Wagga and a local investor.
They take over ownership from a local family who held the freehold for more than 17 years.
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The property hit the market in November 2020 with an asking price of $3.3m.
Mr Harvey said the final sale price which sat approximately $50,000 below at around $3.25, was still a reflection of increasing interest in Wagga hospitality sites.
"There's plenty of confidence in the Wagga area and certainly in tourism," Mr Harvey said. "You've only got to look at the past few weeks to see how busy the accommodation sector has been."
Mr Harvey said his brokerage firm have seen interest in properties like the motel soar in recent months.
"We've been getting smashed with enquiries from all over Australia at the moment looking for investment property, and motels and hotels," he said.
"We're seeing a lot of motels change hands not only in Wagga, but all over the state and capital cities so I think it bodes well for the tourism industry."
Mr Harvey pointed to the international coronavirus situation as being a major factor behind the boom.
"The bulk of our enquiry is from investors as well as owner operators who are aware of the present situation of Australians holidaying in their own country," he said.
The sale is the latest in a string of high-profile hospitality venues to change hands in recent months.
Earlier this week the Duke of Kent property sold in a similar arrangement under which the pub will be operated and leased by licensee Ward Gaiter under a secured 26-year lease.
The building was purchased by the same buying syndicate including local publican Sean O'Hara who recently snapped up Sporties, and in 2018 purchased the Turvey Tavern.
Last week, iconic pub Romanos sold to the Wagga-based Oates family who said they planned to restore the accommodation in the building to meet the rising demand.
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