A Chinese investor has swooped on a successful family-run motel in the western metropolitan area of Melbourne, securing the freehold and business following a competitive Expression of Interest process.
Located at 608 Ballarat Road, Ardeer, the Sunshine Motor Inn is a 3.5 star motel, owner operated by father and son team, John and David Swain, for two decades.
Following a move to modernise the motel’s 44 rooms around three years ago, the business has continued to go from strength to strength, with attractive annual revenue growth resulting in a healthy bottom line.
CBRE Hotels’ Scott Callow and Joseph Du Rieu negotiated the sale on behalf of the Swain family via a competitive Expression of Interest campaign.
Mr Du Rieu said the property attracted strong interest during the sales process, yielding more than 70 enquiries and six offers.
“This sale is further evidence of the continued interest from offshore capital, particularly south east Asia, seeking accommodation assets at both ends of the market,” Mr Callow explained.
“A mainland Chinese purchaser was able to secure the highly profitable business ahead of two local under-bidders, who were seeking further strong performing accommodation assets.”
In addition to the 44 refurbished accommodation rooms, the property boasts a two-bedroom manager’s residence, swimming pool, public bar, restaurant, a modern commercial kitchen with wood fired pizza oven and an extensive bitumen sealed car park.
Mr Du Rieu said the property’s strategic location was a selling factor.
“Although situated in a primarily industrial area, the Sunshine Motor Inn is popular within the fast growing northern and western suburbs industrial areas, providing easy access off the Western Ring Road,” Mr Du Rieu added.