Birthplace of the iconic Parkes Elvis Festival, the landmark Hotel Gracelands site will go under the hammer this week at a Portfolio Auction in Sydney.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
The expansive 3726sqm asset at 7-9 Bushman Street, Parkes features 20 luxuriously appointed rooms, a restaurant and wine bar, and achieves a net income of $191,336 per annum plus GST.
Burgess Rawson selling agent Sam Horwitz said the long-term tenancy agreement in place will ensure a “set and forget” investment for the new buyer.
“Hotel Gracelands is known as being the go-to boutique accommodation provider in Parkes, so it’s no surprise the operators have signed a 30-year lease until 2044 with options to 2064,” he said.
“Previously, a DA was approved to build an additional 28 rooms – although this has lapsed, we believe there is potential for renewal of this DA from a supportive council.
“The strong NSW growth region is underpinned by a number of industries from mining and tourism to logistics, energy and agriculture, with the government committed to investing a whopping $8.4 billion on the Melbourne to Brisbane land and rail project – so put simply, the future of Parkes certainly looks bright and as an investor, you can buy in now and sit back while reaping the benefits of a healthy income.”
The property will go to auction from 11am on Tuesday, October 23 at Sydney’s Doltone House in Hyde Park.
READ MORE:
