TAKING advantage of a current and expected full occupancy due to workers from the $4.36 billion Woolgoolga to Ballina motorway, a property syndicate is fielding offers for a renovated beachside motel in Yamba, with an asking price of $1.75 million.
The West Wing property, located at 2 Coldstream Street, behind the former Star of the Sea convent site comprises 14 lettable rooms across two levels, complete with shared kitchen and living facilities. The property is currently enjoying 100 per cent occupancy which is expected to continue well into the future.
The property sits on a 1,005sqm freehold lot, which has current approval for a four bedroom dwelling in addition to the motel, with the potential for further development under the site's medium density residential zoning.
The property is being marketed by Darrell Irwin and Geoff Lamb of Colliers International, under an expressions of interest campaign.
Mr Irwin says the property will attract purchasers looking to capitalise on the reliable tenancy provided by some of the 2,500 workers engaged to complete Australia's largest regional infrastructure project, in the North Coast's growth corridor.
"This is a rare opportunity to secure a property with multiple revenue streams in a tightly held location," he said.
"Yamba will surge in value once the motorway access is complete providing quicker access to Yamba for the South East Queensland population.
"There is a virtually guaranteed income through current worker occupancy and beyond that there is strong demand from tourists looking for convenient coastal accommodation in the popular Yamba village.
"During the holiday season Yamba's resident population of about 7,000 people virtually doubles as people from across New South Wales and South East Queensland visit for an affordable and family-friendly getaway.
"There is capacity for the land to be subdivided to add a four bedroom dwelling, or the purchaser could potentially redevelop the site to deliver new residential apartments or a boutique hotel.
"The existing property is in outstanding condition, has on-site parking and is located on Yamba hill with panoramic views of the ocean and hinterland, so it is a unique opportunity in this region."