The Binalong Motor Inn, also known as Motel Royal Tara, located at 27 Stephens Street in Binalong, is
set to go to auction later this month on Friday October 27th. The Binalong Motor Inn features 20 accommodation rooms, can cater for up to 250 people for functions and weddings, has two venue rooms, two commercial kitchens, two walk-in cool rooms, and a separate restaurant/café.
Brian McManus from Brian McManus Real Estate says this property is a real opportunity for potential buyers, with the current owners looking to retire.
“I’ve only just signed up to the property and it has some great features. It’s quite a large motel that has a lot to offer,” McManus said.
“It used to get a lot of business from Canberra with the Black Swan restaurant on the corner, with visitors staying the night.
“The Black Swan is not part of the sale now, it used to be. It used to be quite a thriving restaurant because the three current owners were chefs.
“Now they are retiring, they’ve stepped back from the catering side of things. The current owners are retiring because they are in their 70s.
“The potential is that a chef picks it up again and runs it with conferences and the restaurant in the motel.”
McManus says the location of the property is one of the major attractions of the sell, which will draw interest from potential buyers.
“It’s ideally positioned because it’s so close to the Hume Highway. The conferencing style of businesses has come back into vogue.
“Binalong also has the 2 Little Pigs café, which is pretty outstanding. It helps bring back the Canberra market. Some residents are already commuting to Canberra each day, so it’s a totally different market
feel.
“There are also permanent guests at the Binalong Motor Inn for the workers in the nearby limestone mine. They’ve been there permanently for about three years. They hold a number of rooms for
their staff to come and go.”
McManus also says there is good return on investment for potential buyers, listing some statistics that could be mouth watering to the right buyer.
“The Binalong Motor Inn is in really good nick and is really well built. The replacement value would be about $3 million, if you tried to build that again,” he said.
“It’s just ready for somebody with a lot of energy to come in and make good money. It’s currently making a good coin for the current owners.
“I’ve only just listed the property, they’ve tried to sell it as a motel and not as a motor inn. Anything over 15 rooms is a motor inn and certainly once you have conference facilities and a separate restaurant, it’s a motor inn and not a motel.”
Can you see yourself as the next owner of the Binalong Motor Inn?
Tim Warren
