Mornington Peninsulas best snapped up in hotel sale
Mornington Peninsula's best snapped up in hotel sale
| 28 February 2017
The Best Western Plus Brooklands Hotel has sold for circa $9 million – highlighting the strong continued demand for investment opportunities on the Mornington Peninsula.
Regarded as one of Mornington Peninsula’s top accommodation, wedding and function facilities, Brooklands Hotel is located on the beachside of Nepean Highway at 99 Tanti Avenue.
CBRE’s Scott Callow negotiated the sale of the freehold and business of Brooklands Hotel - comprising 53, four-star guest rooms, four function rooms, a heated indoor pool and gymnasium - located on an expansive 9,000sqm site.
The successful buyers were experienced accommodation operators and investors from Melbourne.
Mr Callow said the key features that appealed to vying purchasers were the location and large landholding.
“It was only the second time the asset had been available to purchase, which is why we saw significant interest from a mix of owner operators, investors, business buyers and developers,” Mr Callow said.
“Mornington is continuing to grow as a popular tourist destination, due to the array of beaches, restaurants, wineries and its close proximity to Melbourne’s CBD. The premium hotel is a short walk to the popular Main Street shopping and restaurant precinct and within walking distance to both Mothers and Mills beaches, making it a prime investment opportunity.”
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.