Ocean Grove Chalet hits luxury resort market for $7m-plus
Luxury holiday resort Ocean Grove Chalet is up for sale a year after opening, with a price tag of $6.995 million to $7.6 million.
The multistorey accommodation complex, 500m from the beach, has 15 individual rooms including two penthouses with ocean views.
It opened for business in December last year to meet a growing need for short-term accommodation on the Bellarine Peninsula.
Commercial Insights: Subscribe to receive the latest news and updates
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.
RT Edgar, Ocean Grove agent Brock Grainger says the resort, at 99 The Terrace, has established itself as a successful business, welcoming a number of high-profile guests over the past year.
He says someone looking to continue to operate the resort could purchase it as a fully-furnished going concern.
The pool area is designed for year-round use.
“It’s quite a unique opportunity,” Grainger says.
“It could be bought as a going concern or there is a lot of potential to refit (the rooms) and sell them as individual residences.
“The really attractive thing is the land component and the build costs would be something in the range we are quoting and the potential for the returns on top of that.
“The land and build costs would be north of $7 million so you’re basically getting the business for free.”
The pool area is designed for year-round use.
He says with events on the Bellarine Peninsula almost every weekend of the year, the resort caters for year-round accommodation demand.
The property is 100m from Ocean Grove’s shopping and restaurant strip and a short walk to the beach.
It has contemporary decor, an all-weather entertainment zone overlooking the pool, a reception area with an office and on-site parking for 15 cars.
This article from the Geelong Advertiser originally appeared as “Luxury Ocean Grove Chalet listed for sale a year after opening”.
