REGIONAL HOTEL

Vinci Carbone is currently marketing a retail investment opportunity located at 60-62 Main Street, Mornington. Going to auction on Friday 27 February at 12pm, on-site, a price circa $6 million is expected.

 Fully leased to the Bay Hotel, the property provides a solid income of $370,000 per annum with the current lease term expiring in February 2021 with further options until 2041.

 The agents expect keen interest, given that they have seen Melbourne's hotel investment market remain strong over many years. "Hotels that occupy prime sites with quality lessees provide outstanding investments with the security of income combined with remarkable underlying land value," selling agent Joseph Carbone from Vinci Carbone said.

 "The Bay Hotel occupies a premier Main Street location with over 13 metres of frontage. The hotel underwent renovations some years ago, which saw it modernised."

 The double-storey building has an area of approximately 732 square metres, on land of about 552 square metres with rear laneway access, zoned Commercial 1.

 Main Street is Mornington's main shopping precinct, anchored by two major shopping centres, Mornington Central and Mornington Village, which features fashion boutiques, cafes, major banks and national brand retailers.