Ipswich motel fetches record price
Deltine has settled on another regional hospitality investment for the High Yield Fund.
The Country Motel Ipswich set it back $19.5 million – a record for a traditional non‑coastal motel in Australia.
Announced two months ago, the asset is the fourth for the trust.
Earlier this week we reported it bought the fifth – the Observatory Coffs Harbour.
Its portfolio also includes assets at Tamworth and Victoria’s Seymour.
ResortBrokers’ managing director Trudy Crooks was the agent.
Country Motel Ipswich
On 1.6 hectares at 250 South Station Road, Raceview, the Country Motel Ipswich contains 44 rooms, rated 4‑star (continues below).
The property comes permit‑ready for nine more apartments.
“This is a high quality freehold going concern motel located in Queensland’s fastest growing urban corridor, just 25 minutes from Brisbane CBD and minutes from Springfield and RAAF Base Amberley,” Deltine chief executive officer, David Toomey, said.
The growth corridor is experiencing four times the national average population growth, he added.
“Ipswich and Springfield are benefiting from sustained government and private investment across defence, hospitals, universities, transport and major residential development – driving year round corporate accommodation demand well beyond discretionary returns,” according to the executive.
The Deltine High Yield Fund is forecasting a 12.4 per cent per annum average income yield and 24.4pc return over five years.
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