Tweed central motel for sale
A LANDMARK motel in the heart of Tweed Heads is up for sale – and potential major redevelopment.
The 30-year-old Cook’s Endeavour Motor Inn in the heart of Tweed Heads is to be sold by auction through Ray White Commercial Coolangatta/Tweed Heads.
Marketing agent Assi Dadon said the current owners, Harold and Margaret Jones, were selling the iconic property because they planned to retire. He said the motel was a highly successful business generating annual net income of approximately $300,000 and would be sold as a going concern.
“The opportunity exists for an investor, owner-operator or a developer to purchase this popular freehold motel with the option to operate the business with a great income while submitting plans to the local council to redevelop,” Mr Dadon said.
“There are several redevelopment opportunities, particularly suitable for an over-55s community.
“The site is zoned 2 (b) Medium Density Residential. Within this locality there are limited development sites, but unit blocks in the area are keenly sought after, especially by retirees.”
The motel is only a short distance from the Serene Living over-50s’ unit complex, which is to be built across the street from the Tweed Heads Bowls Club and has astounded its marketing agents by its rate of sales.
Mr Dadon said the motel site, which has two-street access, has a six-storey height limit, adjoins an eight-storey commercial precinct and is close to a 15-storey precinct.
“Under the proposed new Tweed Local Environment Plan 2010 and Draft Tweed City Centre LEP 2009, we are expecting much-higher densities,” he said.
Mr Dadon said the single-storey motel units and two-storey office/manager’s residence were on a land area of 1859 square metres.
“There are 21 motel units, all fully air-conditioned with ensuites and cable TV connections, and a four-bedroom manager’s residence,” he said.
The property is due to be auctioned on Wednesday, April 13 in Brisbane.