Burgess Rawson are pleased to offer to market the fully leased Choice Hotels freehold investment located at 51-59 Palmerston Crescent (Cnr Kings Way) VIC for sale via Expressions of Interest closing 3pm Thursday 8 August 2024. Investment highlights include: + Freestanding Choice Hotels investment with a Ten (10) year lease to 2030 plus 2 x 10 year options to 2040. + Choice Hotel Asia-Pac: one of the largest hotel franchisors in the world, supported by Choice Hotel International (NYSE: CHN) with over 7,000 hotels across 40 countries. + Prime city fringe corner landholding situated on one of Melbourne’s busiest thoroughfare of Kings Way, with exposure to 88,000 passing vehicles daily.^ + Modern construction (2019) offering substantial depreciation benefits. + Immaculate 69 lettable rooms under lease with 57 studios and 12 spacious one bedroom apartments. + 28 secure basement car spaces provided on title and amenities including 50 guest conference room, gym, laundry and staff amenities. + Value add 125sqm ground floor retail opportunity with 1 year rental guarantee and potential rental uplift. + Prime high-exposure city fringe location only 2km from Melbourne CBD. + Prominent Commercial 1 Zone landholding surrounded by office/commercial/residential developments. + Strategically located in the heart of Melbourne’s postcard event venues such as Albert Park Grand Prix Circuit (350m – 452k visitors) and Melbourne Park (1.5km – 1 million visitors). + Melbourne Tourism: booming $21.7 billion industry with 10.26 million overnight visitors and 1.9 million international tourists.^^ + Net Income: $1,461,432pa* + GST. For Sale by Expressions of Interest Closing 3pm (AEST) Thursday 8 August 2024. For further information please contact the agents directly. ^GapMaps ^^Statista
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Property ID: 504628856