New owners emerge for luxury Ocean Grove Chalet
99 The Terrace, Ocean Grove, the Ocean Grove Chalet.
Luxury holiday resort Ocean Grove Chalet has been sold after spending more than two years on the market.
The multi-storey accommodation complex, 500m from the beach, has sold to private buyers for $5.85 million.
The freehold and business were sold as a package. The contracts were signed Christmas Eve.
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The complex has 15 rooms, including two penthouses with ocean views.
It opened for business in 2018 to meet a growing need for short-term accommodation on the Bellarine Peninsula.
Co-owners, builder Mark Le Maistre and Mark Edmonds, ensured a luxurious fit-out, with king spa, all-abilities and family rooms and a ground floor pool and spa area.
99 The Terrace, Ocean Grove, the Ocean Grove Chalet.
RT Edgar, Ocean Grove, agent Brock Grainger said the resort, at 99 The Terrace, had established itself as a successful business, although the Covid pandemic had cruelled attempts to sell the property over the past two years.
It wasn’t until the last lockdowns lifted that interest picked up in the high-end venue.
With overseas travel still a distant possibility, local accommodation venues have come into the frame for willing buyers.
“I think from middle of November the inquiry really picked up on it and so did the inspections,” Mr Grainger said.
99 The Terrace, Ocean Grove, the Ocean Grove Chalet.
“We were lucky enough. I think the buyer is going to be really good for the town and their business plan sounds exciting.
“As the business stands at the moment, I’m pretty sure they were fully booked from the middle of December through to the first week of March.
“It’s definitely taken right off after the last few lockdowns.”
Mr Grainger said he couldn’t reveal the new owners, but was excited about their plans for the business.
“They’re going to continue as a motel, they do have a little bit of a different business plan,” he said.
99 The Terrace, Ocean Grove, the Ocean Grove Chalet.
“My understanding is they will bring a lot of people two the area, create a lot more tourism and different people to Ocean Grove and the Bellarine.”
The property is 100m from Ocean Grove’s shopping and restaurant strip and a short walk to the beach.
The property was named after the original Ocean Grove Chalet, built nearby in the 1880s but demolished in the 1960s.
Mr Grainger said it turned the site of the current complex was previously home to the last known owners of the original chalet.
