OFF MARKET

229 Westbury Road
Prospect TAS 7250

Bedrooms: -
Bathrooms: -
Car spaces: -
Land area: 18392m2
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Property Details for 229 Westbury Rd, Prospect

Building Type
Commercial
Year Built
2012
Land Size
18392m2
Local Government
Launceston
Lot/Plan
1/110317

Last Listing description (February 2019)

JLL Hotels & Hospitality Group has been exclusively retained to offer for sale the Olde Tudor Hotel in Prospect. The offering forms part of EBC Hotel & Leisure Funds Hotel Portfolio in Tasmania comprising three large format freehold going concern hotels, which are available in-one-line or individually.

The Olde Tudor Hotel is Launceston's largest hotel and entertainment complex and is located only a few kilometres from the city centre and is close to all major attractions.


Recently undergone extensive renovations
62 refurbished rooms, apartments and spa units
30 electronic gaming machines - Top 20 gaming pub in the state
Sports bar, large bistro (180 PAX), function room, childrens playground, bottle shop, indoor heated pool & spa and managers accommodation
Attractive mix of departmental revenues providing stability to all operations
Significant depreciation benefits available
Massive site area of 18,872sqm
FY18 revenue of $6,034,999*
FY18 EBITDA^ of $1,557,108*
Further development scope (STCA)
*As supplied by vendor
^Adjusted

For sale by Expressions of Interest
Closing Thursday 4 October 2018 at 4:00pm AEST (if not sold prior)

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Property History for 229 Westbury Rd, Prospect, TAS 7250

A timeline of how this property has performed in the market
Last Sold
$22,350,000
16 Nov 2018
  • 18 Feb 2019
    Listed for Sale Contact Agent
  • 16 Nov 2018
    Sold for $22,350,000
  • 09 Jun 2005
    Sold for $10,750,000

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About Prospect 7250

The size of Prospect is approximately 6.6 square kilometres. It has 9 parks covering nearly 19.4% of total area. The population of Prospect in 2011 was 1,438 people. By 2016 the population was 1,710 showing a population growth of 18.9% in the area during that time. The predominant age group in Prospect is 20-29 years. Households in Prospect are primarily childless couples and are likely to be repaying $1000 - $1399 per month on mortgage repayments. In general, people in Prospect work in a professional occupation. In 2011, 66.7% of the homes in Prospect were owner-occupied compared with 63.7% in 2016.

Prospect has 1,007 properties. Over the last 5 years, Houses in Prospect have seen a 71.68% increase in median value, while Units have seen a 45.97% increase. As at 31 October 2024:

  • The median value for Houses in Prospect is $564,311 while the median value for Units is $408,957.
  • Houses have a median rent of $495 while Units have a median rent of $393.
There are currently 8 properties listed for sale, and 3 properties listed for rent in Prospect on OnTheHouse. According to CoreLogic's data, 41 properties were sold in the past 12 months in Prospect.

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