Victorian Mercure trades for $10m
Another modern Mercure has sold, this time at Warragul.
The four level hotel, developed 10 years ago at 23 Mason Street, on the south west corner of Palmerston, traded for $9.95 million – a 7.3 per cent yield.
Rated four stars, there are 47 rooms.
There is also a two bedroom manager’s residence, theatre, boardroom and two conference rooms, .
Accor is on a lease expiring in 2035.
With options, it can stay until 2060.
Stonebridge’s Rorey James and Kevin Tong with Wilson Property’s Ben Wilson and Emily Whitty were the agents.
The deal comes two years since we reported the then-new Pakenham Mercure, with 64 suites, traded for $15.8m – a five per cent yield.
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