606 Elgar Road

Attention developers, Airbnb operators, and astute investors, The hotel business is one of the oldest real estate strategies to date, one that offers both cash flow through trading and capital growth. But where can you find such a piece of real estate at an entry-level price within a remarkable growing suburb? First National Avant is delighted to present a rare gem - a near once-in-a-lifetime opportunity to own a prime piece of real estate in Box Hill North with enormous potential! This corner block, approximately 700 sqm in size, comes with an approved Plan and Permit for the construction of a hotel/motel accommodation business with 10 rooms, a Conference Hall, and basement parking with 7 car spaces, spanning 4 levels, including the basement. The planning permit, endorsed by the council, took 4 years to obtain due to extensive back-and-forth requests for changes by the council planners. The fortunate buyer now has the opportunity to leap directly to the building stage. Nestled between the Grand Mercure Hotel in Doncaster and the soon-to-be second Chinatown in Melbourne, this hotel site development opportunity is perfect for entry-level hotelpreneurs seeking to enter the accommodation industry with a very affordable capital outlay. The current hotels in Box Hill and Doncaster boast an average room rate of $150/night. With 10 rooms at a 75% average occupancy rate, you can enjoy a potential turnover of $410,000 per annum, along with an additional $50,000 per annum for the conference/office room on the top floor. This combined turnover brings in close to half a million dollars a year. This opportunity is even more promising if you are already in the accommodation business. With convenient access to public transportation, Box Hill North is a flourishing neighbourhood known for its vibrant community, excellent schools such as Koonung Secondary College, shopping centres, parks, and recreational facilities. The existing house has 6 rooms, all fully leased, generating a monthly rent income of approximately $5000. Given the strong demand in the rental market, the rent is expected to increase further, providing potential for higher returns. The vendor is open to assisting the new buyer in setting up a hotel business, separately.