ALBURY'S Australia Park Motel is poised to undergo a $3 million transformation into 19 residential apartments.
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The twin forces of increasing demand for permanent inner city living and the gradual decline in business from the Hume Freeway bypass in 2007 have led to the proposed redevelopment which has been lodged with Albury Council.
The motel, located opposite Noreuil Park, was built in the 1970s and has 37 rooms with a 3.5 star rating.
Albury-Wodonga Motel Social Club president Damien Robinson said smaller motel operators were also under pressure from more modern holiday accommodation being added to the Border market.
“The property values of older motels outstrip the business,” he said.
“A developer comes along and offers the right price, the owner would be crazy not to sell.
“Newer motels are being built and the older ones are getting harder to make a dollar out of.
“Also online booking charges are killing the mum and dad operated motels.
“A refurbishment to bring a motel up to four-star standard, you are talking several million dollars.”
Stean Nicholls Real Estate is close to clinching the motel sale to regionally-based developers for the project which will include partial demolition of the existing motel complex.
Stean Nicholls director Geoff Stean said the success of The Botanical apartment building on Dean Street had shown the potential of similar projects to investors.
“The proposal in question is absolutely brilliant,” Mr Stean said.
“It is perfect for people who want a base out of the capital cities like Melbourne.
“In The Botanical building, six out of the 15 apartments have been re-sold for a stronger number.
“It still indicates the strength of the Albury central market for people to downsize and have a lock up and go property.”
All units would have accompanying parking spots under plans submitted to council by Blueprint Planning on behalf of the developers.
Big garages are also proposed.
The motel presently includes a three-bedroom manager’s residence, conference room, restaurant, swimming pool, commercial kitchen and laundry facilities.
Subject to council approval, works could start mid-year and take up to 10 months to complete.
