An historic homestead and seaside estate on the Mornington Peninsula are on the market, offering investors opportunities to tap into the district’s busy accommodation sector.
The Best Western Plus Brooklands, in Mornington, has been listed for sale with CBRE’s Scott Callow.
The 53-bedroom facility incorporates an historic homestead, built around 1878, and modern accommodation wing as well as function rooms and a swimming pool.
The Best Western Plus Brooklands of Mornington has been listed for sale with CBRE. Photo: Supplied
Mr Callow said it represented a rare opportunity to invest in the area – popular with Melbourne holidaymakers – and was expected to fetch in excess of $200,000 per room.
“Quality accommodation properties offering both the freehold and business, in prime suburban locations, are rarely offered to the market – with this sale representing only the second time the asset has been available to purchase,” he said.
“Of the few comparable transactions that have taken place nationally, quality accommodation properties in tourism areas close to major CBDs are achieving prices in excess of $200,000 per room.”
The sale will be negotiated via an expression-of-interest campaign closing on Thursday, August 11 at noon.
The Moondah Estate, in nearby Mount Eliza, is listed with CBRE’s Bianca Butterworth, Mark Wizel, Lewis Tong and Mr Callow.
Moondah Estate, in Mount Eliza, consists of 95 rooms. Photo: Supplied
Being sold on behalf of the Melbourne Business School, the 8.9-hectare site, which includes exclusive beach frontage of about 190 metres, was previously used as a campus before the school relocated all operations to its Carlton campus.
There is potential for the facility, which includes conference and training facilities, meeting rooms, office space, four dining facilities plus bar, vineyard, tennis court, volleyball court, 11 mixed-use buildings and a 95-bedroom accommodation facility, to continue to be used for educational purposes.
However, CBRE is also pitching the hotel towards hoteliers and private owner-occupiers.
“Despite strong potential for the property to remain as an educational institution, we believe the site also offers an exceptional opportunity for a strategic buyer to re-imagine the property for the next generation,” Ms Butterworth said.
Moondah Estate will be marketed via an international expressions-of-interest campaign, closing on Wednesday, August 10 at 3pm.
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