Redhill Hospitality has acquired the freehold going concern interest in Tenterfield’s Best Western Henry Parkes Motel, highlighting the continued investor interest in quality motels in strategic locations.
Tenterfield is regarded as a key arterial service centre given its New England Highway location near the New South Wales and Queensland border.
CBRE Hotels’ Associate Director Hayley Manvell steered the off-market sale process, with the $4 million acquisition adding to Redhill Hospitality’s portfolio of 10 regional motel assets across
Queensland, New South Wales and Victoria.
Positioned on an expansive 7,606sqm freehold land parcel, the asset comprises 31 rooms, a four-bedroom cottage and five-bedroom manager’s residence, as well as a 55-seat restaurant and function and events space.
The 3.5-star motel was sold with vacant possession and has been rebranded as The Henry Parkes Motel Tenterfield.
Tenterfield is regarded as a key regional tourism hub, due to its national parks, a myriad of events throughout the year and significant historical and heritage landmarks and attractions.