Redhill snaps up Tenterfield motel
Redhill Hospitality has purchased the Best Western Henry Parkes Tenterfield, which will now be rebranded.
On 7607 square metres at 144 Rouse Street, on the south west corner of Miles, the freehold going concern is costing $4 million.
CBRE’s Hayley Manvell was the agent.
Redhill now holds 10 assets, all in east coast states.
“We are focused on growing a portfolio of regional Australian motels that provide value to both guests and investors,” chief executive officer, Guy Peterson, said, announcing the Tenterfield purchase.
“Despite increasing domestic tourism, this sector has suffered from poor management, under investment and insufficient economies of scale and we see this as an opportunity,” he added.
The Henry Parkes Motel Tenterfield
With a population of nearly 7000, Tenterfield is about 10 kilometres south of the Queensland border, near Wallangarra (story continues below).
It is about 50km from Stanthorpe – with c5400 residents.
The 3.5-star Best Western contains 31 guest suites, a 55-seat restaurant/function space, four bedroom cottage and five bedroom manager’s residence.
It will now be renamed The Henry Parkes Motel Tenterfield.
“The asset is positioned along a key travel corridor on the New England Highway which connects Brisbane to Sydney,” Ms Manvell said.
“The motel offers strong upside to the purchaser through rebranding and repositioning significant underutilised space,” she added.
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