SOLD
Sold on 05 Apr 2024 for $7,208,000

429 Sandy Bay Road
Sandy Bay TAS 7005

Bedrooms: -
Bathrooms: -
Car spaces: -
Floor area: 3m2
Land area: 1596m2
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Property Details for 429 Sandy Bay Rd, Sandy Bay

Building Type
Commercial
Year Built
1962
Floor Size
3m2
Land Size
1596m2
Local Government
Hobart
Lot/Plan
2/80742

Last Listing description (October 2023)

Knight Frank Hobart presents for sale the freehold and business of this well positioned motel known as 'Motel 429'.

'Motel 429,' a premier 4-star motel in the affluent suburb of Sandy Bay, comprises a 33-room motel, managers residence and substantial car parking for guests.

The property is superbly positioned being opposite Wrest Point Casino, facing the River Derwent and is 3 kilometers* from the Hobart CBD. All 33 rooms have undergone recent renovations, ensuring minimal capital upkeep requirements for the foreseeable future.

The business has experienced substantial revenue and occupancy growth following the opening of domestic and international borders in December 2021.

With an undersupply of hotels and just one new hotel under construction within Hobart CBD and city-fringe, this is a premium asset to add to your investment portfolio.

Property History for 429 Sandy Bay Rd, Sandy Bay, TAS 7005

A timeline of how this property has performed in the market
Last Sold
$7,208,000
05 Apr 2024
  • 05 Apr 2024
    Sold for $7,208,000
  • 23 Aug 2023
    Listed for Sale Contact Agent
  • 12 Jul 2022
    Sold for $6,150,000
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About Sandy Bay 7005

The size of Sandy Bay is approximately 6.9 square kilometres. It has 14 parks covering nearly 23% of total area. The population of Sandy Bay in 2011 was 11,156 people. By 2016 the population was 11,925 showing a population growth of 6.9% in the area during that time. The predominant age group in Sandy Bay is 20-29 years. Households in Sandy Bay are primarily childless couples and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in Sandy Bay work in a professional occupation. In 2011, 63.1% of the homes in Sandy Bay were owner-occupied compared with 61.5% in 2016.

Sandy Bay has 5,844 properties. Over the last 5 years, Houses in Sandy Bay have seen a 37.00% increase in median value, while Units have seen a 19.52% increase. As at 31 October 2024:

  • The median value for Houses in Sandy Bay is $1,320,252 while the median value for Units is $648,147.
  • Houses have a median rent of $620 while Units have a median rent of $495.
There are currently 25 properties listed for sale, and 15 properties listed for rent in Sandy bay on OnTheHouse. According to CoreLogic's data, 198 properties were sold in the past 12 months in Sandy bay.

Suburb Insights for Sandy Bay 7005

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Disclaimer
Whilst all reasonable effort is made to ensure the information in this publication is current, CoreLogic does not warrant the accuracy or completeness of the data and information contained in this publication and to the full extent not prohibited by law excludes all for any loss or damage arising in connection with the data and information contained in this publication.