Fund manager buys chunk of Victorian motel strip
Deltine Capital has taken control of a major chunk of a motel strip in one of Victoria’s best-known regional towns.
The fund manager paid $7.2 million for the Swan Hill assets – the Comfort Inn Lady Augusta (pictured, top), Jacaranda Apartments and Paruna Motel.
A mix of leaseholds and a freehold going concern, the properties are within 200 metres of each other.
All up they offer 55 rooms.
They will be held by the High Yield Motel Fund, launched in 2023 and which has since mid-last year accrued 12 assets, mostly freeholds.
Deltine boosts portfolio
The Comfort Inn Lady Augusta at 375-383 Campbell Street and Paruna operate as leaseholds.
The Jacaranda is a freehold going concern; the property cost Deltine $3m in March (continues below).
The buyer said the deals give it effective control of Swan Hill’s most sought-after motel strips, with the properties to be operated under a single management team.
The deals come two months since realestatesource.com.au reported the asset manager acquired motel at Queensland’s Dalby and Toowoomba.
In April it paid a record price for an Ipswich hotel.
The month earlier Deltine acquired Coffs Harbour’s Observatory motel and serviceds apartment complex.
Swan Hill, with a population of about 11,200 according to the 2021 Census, is about 335 kilometres north of Melbourne’s CBD.
These hotels are about 200 metres form the Murray River, also the New South Wales border.
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