1 Ryrie StreetMichelago NSW 2620
Property Details for 1 Ryrie St, Michelago
Last Listing description (November 2022)
1 Ryrie Street, Michelago provides a high exposure property located along the Monaro Highway at the entry to Michelago Village, with outstanding exposure to daily passing traffic from Canberra, Cooma and the Snowfields.
The 6.6Ha**. site features a Service Station is currently leased to September 2022 (that is in the final stages of being renewed for another 5 years), and a vacant 6-bedroom/ensuite motel with restaurant, bar, kitchen, alpine lounge and seating for 130 guests.
In addition to the recent improvements, the property previously featured Development Approval for 18 large rural/residential housing lots which could be revisited by prospective purchasers. Value enhancement opportunities also exist to operate or tenant the vacant motel or explore alternative development options* long-term.
Michelago's proximity to the ACT and Cooma has generated increasing interest from strategic purchasers, and opportunities to acquire income producing land banks with upside are limited.
*Subject to Council Approval **Approx.
Property History for 1 Ryrie St, Michelago, NSW 2620
- 07 Dec 2022Sold for $2,300,000
- 12 Aug 2022Listed for Sale Auction - 11am (AEST) Thursday 27 October 2022
- 27 Jan 2022Listed for Sale Please contact agent
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See more recent sales nearbyAbout Michelago 2620
The size of Michelago is approximately 235.5 square kilometres. It has 3 parks covering nearly 9.2% of total area. The population of Michelago in 2011 was 647 people. By 2016 the population was 551 showing a population decline of 14.8% in the area during that time. The predominant age group in Michelago is 50-59 years. Households in Michelago are primarily couples with children and are likely to be repaying $2400 - $2999 per month on mortgage repayments. In general, people in Michelago work in a managers occupation. In 2011, 88.1% of the homes in Michelago were owner-occupied compared with 85.2% in 2016.
Michelago has 340 properties. Over the last 5 years, Houses in Michelago have seen a 47.64% increase in median value. As at 31 October 2024:
- The median value for Houses in Michelago is $1,087,887 while the median value for Units is $2,001,597.
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