This high profile Tasmanian gaming hotel is for sale on the banks of the Mersey River in Devonport, on Tasmania’s north-west coast.
This large complex includes a public bar, lounge bar, dining room seating 260, commercial kitchen, bottleshop, gaming lounge with 30 machines, TOTE, Keno, manager’s flat, 8 hotel rooms, 13 motel rooms, reception and office, and on site parking.
Included in the sale is valuable surrounding development land which would be fantastic for further motel units or other accommodation options (STCA). The property was re-zoned in February 2016 from ‘General Residential’ to ‘Particular Purpose Zone1 Elimatta Hotel’ which can facilitate such a development.
The whole complex contains five titles on a land area of 5,325sqm (approx).
(Hotel price $7,250,000; land price: $1,320,000)
Affectionately know as ‘The Eli’, the hotel has had only two owners in the last 43 years and is a major landmark in the picturesque city of Devonport. The two ‘Spirit of Tasmania’ ferries sail right past the hotel each and every day.
The hotel has been significantly upgraded in the last three years with the dining room refurbished in 2016 at a cost of $240,000.
The business operates under management with annual revenue exceeding $3.2 million.
The hotel is a strong performer with gaming machines and is well placed to benefit in 2023 when the State Government will put the current single operator wholesale agreement to tender.
It is no secret that tourism in Tasmania is booming. There are currently 1,190,000 annual visitors with Tourism Tasmania forecasting an increase to 1,500,000 visitors by the year 2020. There is no better time to purchase an accommodation property.
This is indeed a rare opportunity to purchase a waterfront hotel that has a very strong business base (particularly gaming) and huge prospects for further development (STCA).
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