Strike gold with $8-$10M Midas Motel in WA

BUYERS have the chance to strike gold as Midas Motel hits the market, via an expressions of interest campaign, with a price guide of $8-$10M at 409 Hannan Street, Kalgoorlie, WA.

The property is in Eastern Goldfields, 596km* north-east of Perth. With a population of over 30,871 people, and an area of 95,576sq km*, the city of Kalgoorlie-Boulder is seen as a dynamic and sophisticated regional centre.

The asset is marketed by Ray White Commercial (WA) duo Brett Wilkins and Phil Zoiti.

Mr Wilkins said the Midas Motel represented a strong counter cyclical opportunity that would deliver increased potential for the buyer, and offered a quality accommodation asset with substantial cash flow, centrally located on the main street of Kalgoorlie.

“This really is a great opportunity for potential buyers to buy a substantial accommodation asset in the tightly held Kalgoorlie accommodation market and offers significant opportunities to grow the business further,” he said.

“The Midas Motel is strategically positioned to take advantage of the rise in demand from increased investment in the mining sector which can only enhance the positive medium-to-long-term outlook for the Kalgoorlie market.

“The property’s located within Kalgoorlie, which lies 596km* to the north-east of Perth, being the largest urban centre in the Goldfields-Esperance region, and the fifth largest in WA.

“The local economy of Kalgoorlie-Boulder is primarily dependent upon gold mining, and to a lesser extent, nickel mining, tourism and sheet farming within the surrounding hinterland.”

Mr Zoiti said the Midas Motel was configured over three separate buildings on the property.

“The accommodation rooms are over a single storey and one two-storey building. The single level building is towards the rear of the lot, with the two storey building fronting Hannan Street,” he said.

“The third building comprises the reception, restaurant, kitchen and bar and office accommodation, and is also constructed over two levels, albeit the upper level is the unused former function room.

“The balance of the site is utilised for car parking and general circulation purposes, together with a below-ground swimming pool, small lawn area and barbecue. There are also landscaped gardens to the front of the two-level accommodation building.

“The site has a land area of 5,063sq m* and comes with 24 standard units, eight executive rooms, nine executive twins, six suites, one executive triple and one manager’s bedroom apartment.”

Expressions of interest close on Thursday 14 March 2019 at 5pm (AWST).

*Approximately.