Colliers International appointed to sell local landmark as family hands over the reigns.
After nearly 20 years owned by one local family, the popular Lake Hume Resort, situated in close proximity to the border towns of Albury-Wodonga, is set to change hands for the first time.
Colliers International’s Guy Wells and Neil Scanlan have been appointed to sell the 12,033sq m waterfront property on the banks of Lake Hume.
Owner Ray Appleton said the time had come to pass the baton to someone new.
“After nearly 20 years of ownership, it is with some hesitation and great sadness that I advise the local community that the Appleton family have decided it is now time to offer the Lake Hume Resort property for sale,” Mr Appleton said.
“As a family, we feel it is time to encourage the further growth of the business and facilitate the opportunity for investment from younger, more experienced operators.
“We believe there is great potential for a new owner to bring with them industry experience, networking and franchise opportunities, and long term goals and vision to continue to grow the business into the future. It is time to hand over the keys.
“The property and business will be offered for sale exactly as it is today, with no changes to the day-to-day operation or current commitments to staff and guest bookings. I cannot emphasise strongly enough that it is business as usual at the Lake Hume Resort.”
Situated within Lake Hume Village, on the banks of Lake Hume, the property comprises a 3.5 star, 26-room motel and function facility.
Mr Wells said it was a unique property in a popular leisure destination, complete with swimming pool, tennis courts, basketball courts and mini golf. There was also a three-bedroom manager’s residence, and 18 additional three-bedroom cottages and two villas operated under lease agreements.
“This is an outstanding opportunity and we expect it to attract interest from owner-operators and investors alike,” Mr Wells said. “It is the first time this property has been offered to market.
“This well regarded property provides the incoming purchaser a lifestyle investment with multiple revenue streams with further potential to grow the existing business, including accommodation, letting rights and events such as conferences and weddings.
“The property is located at the gateway to the Murray River and at the foothills of the Victorian and New South Wales ski fields, on 12,033sq m of irreplaceable freehold lakefront land.
The property is for sale on a Freehold Going Concern basis via an Expression of Interest campaign closing Thursday October 16 at 2pm.