On behalf of vendors Trevor Morgan and Di Burcham, JLL Hotels & Hospitality Group announces to market the successful sale of the Ten Dollar Town Motel & Larsen’s Restaurant positioned in the historic 19th Century Gold Rush town of Gulgong. The assets were sold via a highly competitive on market expressions of interest process which garnered over 140 enquires and 7 formal bids.The successful purchasing party is a syndicate of investors who add the assets to an impressive property portfolio which includes hospitality and commercial investments.

The opportunity included a 39-key motel complex and a separate café building. Underpinning overall trade was the high performing motel, with occupancy levels currently exceeding 95%. Furthermore, an approved DA for 7 additional motel suites was included in the opportunity which enables substantial future development which will inevitably increase accommodation revenue. An impressive total landholding of 5,851sqm was included across both sites.

The Ten Dollar Town Motel & Larsen’s Restaurant was sold by JLL hospitality brokers Greg Jeloudev and Edward Browne, with Mr Jeloudev stating, “Mid-market accommodation assets are in high-demand due to their excellent profitability and inherent ease of management. The sale outcome is a testament to the hard work Trevor and Di have put into the operation which is reflective of the record realisation price.”

Gulgong is a historic town located in the Mid-Western Regional Council and a short 23-minute drive north-west of Mudgee. The region is currently experiencing an unprecedented period of investor demand due to substantial infrastructure projects and excellent tourism attractions. The population of the greater Mudgee area is predicted to explode as a result of the construction of over 20 new renewable energy projects.

The sale of the Ten Dollar Town Motel & Larsen’s Restaurant is JLL’s second hospitality transaction in the Mid-Western region in as many weeks, and closely follows the announcement of the Paragon Hotel in Mudgee. The sale is also JLL’s third successful sale within Gulgong, following the respective sales of The Centennial Hotel in 2023, and the Post Office Hotel in 2022.

JLL Hotels & Hospitality Group sincerely thanks the vendors for entrusting the firm on the appointment of this mandate and congratulates the purchasers on their new acquisition. For a copy of the sale analysis, respective parties are encouraged to contact the undersigned agents.

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