344-346 Cambridge Road
Mornington TAS 7018
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High-performing cabin park with scope for expansion, and development potential
Elders Commercial is pleased to present 344 – 346 Cambridge Road, Mornington to the market for sale.344-346 Cambridge Road, Mornington is a large regular shaped site, strategically located with unparalleled highway exposure. The property currently operates as a Discovery Parks cabin park which incorporates 30 cabins, an office, adjoining 3-bedroom managers residence, BBQ facilities and onsite laundry and workshop.
This prominent site spans 6,987 sqm* across two titles, presenting an exceptional future commercial or mixed-use development opportunity, or scope to increase cabin density.
Key highlights are as follows:
• Large, regular shaped site comprising 6,987 sqm* of land ripe for development**
• High-visibility location with 40,000+* vehicles passing daily, and only 10* minutes from the future Hobart Multi-Purpose Stadium
• Opportunity to owner operate, with the park generating a FY24 EBITDA of circa $527,000 (after adjustments)
• Park occupancy of 70%* for FY24
• Scope to increase revenue via increasing cabin density on both titles**
• All cabins immaculately presented and maintained; $233,000 of recent CAPEX spent on air conditioning, gas infrastructure, road resurfacing and vehicles.
• Strong forward bookings with multiple large corporate booking discussions currently occurring
• Significant residual value for 31 lightweight buildings which could be sold in the open market prior to development commencing
• Favourable ‘Local Business’ zoning suiting a variety of commercial and mixed-use development outcomes
• Proximity to national businesses such as Bunnings, Repco, Clennetts Mitre 10, Pet Stock, National Storage
The property is being offered for sale by Expression of Interest closing Thursday 29th August 2024 at 4pm (AEST).
Please contact George Burbury to discuss further or to organise an inspection.
*Approximate
**STCA
Features
General Features
- Land Area: 6,987sqm
- Commercial Type: Hotel/Leisure
- Building Area: 1sqm
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