Lilydale motel owners selling business for $1
In an alarming sign for the future of the Australian motor inn, two Lilydale motels have been listed within two months of each other.
The Yarra Valley Motel at 420 Main St is listed for $4.5 million, while, just a few minutes’ walk up the road, Lilydale Motor Inn at 472-474 Maroondah Highway is seeking expressions of interest at the same price point.
Crabtrees Real Estate agent Gavin Dumas says the Lilydale Motor Inn is being thrown in with the land.
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“We’re actually selling the business for a dollar,” Dumas says.
The business may be for sale for $1, but the land is worth substantially more.
“The elderly proprietors are really selling the property on a walk-in, walk-out basis (everything comes with the business) — whoever ends up buying will get the business for nothing really.”
With the couple’s family not interested in taking charge of the motel, the vendors decided to sell because “they’re not running at full pace”, Dumas says.
“There’s no natural line of succession in their family to manage the property.”
Many Australians would remember sleeping in rooms like this.
The property is on the Maroondah Highway.
The motel, still with the original proprietors, is attracting interest both as accommodation and for its ‘commercial two’ zoning.
“Some people might look at it as a knockdown job, but I think it’s got more economic life in it with a refurbishment and cosmetic enhancements,” Mr Dumas said.
“We’ve had a high volume of inquiries from local and international parties, the majority are motel operators. It’s a great opportunity for someone who’s got some vision and wants to modernise.”
The driveway into the Lilydale Motor Inn, which contains 46 rooms.
Resort Brokers agent Damian Loorham says the nearby Yarra Valley Motel is being sold as a business.
“We sell based on business value, not really on land development,” Loorham says.
“The Yarra Valley Motel is one of the best presented I’ve come across. It’s been in the family for so long, they basically treat it as their house — they’re quite selective as to who they let go there.”
The Yarra Valley Motel is listed for $4.5 million.
The vendors are checking out of the motel for the final time, with plans to retire, Loorham says.
“They’re looking for an easy life — they’re building a farmhouse,” he says.
This article from Leader Newspapers originally appeared as “Lilydale motel owners ‘selling the business for a dollar’”.
