POACHERS PARADISE SELLS ON TIGHT RETURN

In Property by Clyde Mooney

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Yields in Victoria continue to be amongst the sharpest in the country, as Rutherglen’s Poachers Paradise Hotel-Motel pushes the bar a little lower.

Rutherglen is one of Victoria’s ultimate food and wine destination towns, around 30-minutes’ drive from regional city Albury, on the NSW border.

The freehold interest of Poachers Paradise comprises two separate tenancies, being the Hotel and Motel operations, each under long-term lease arrangements, with recent well-appointed renovations. The block is 2,532sqm, zoned Commercial 1.

It has sold through CBRE Hotels’ Will Connolly and Scott Callow on a return of 8.3 per cent – around 150-200 basis points below average for similar assets.

“The sale process generated both local and interstate interest with the eventual buyer being a Melbourne-based investor, who recognised the strong yield on offer along with the popularity of this picturesque regional location,” offered Connolly.