Fascinating property. Seemingly very cheap price.

peastman

peastman

I just had a look at a very unusual property.
http://www.realcommercial.com.au/cgi-bin/rsearch?a=o&id=5472243&f=0&p=10&t=com&ty=&fmt=&header=&cc=&c=86234677&s=vic&tm=1231809675
4800sm floor space
Parking for 600 cars
About 11 acres of land
Full liquor licence
$400K +GST

As a project this is far too big for me, but the place just fascinates me. If only I could figure out what to actually do with it that be profitable.

Elvis Presley Gracelands museum and function centre?
Go Kart racing around car park?
B&B?

Any ideas?

The property is rather run down but if fixed up would be spectacular. Shame about the power lines and position opposite the power station.
 
Erf across the road from the Yallourn coal fired power station?

http://en.wikipedia.org/wiki/Yallourn_Power_Station,_Victoria

Bizarre - who pumped the money into that. Thats a fairly disastrous location. Talk about urban blight. You would really need to be quite clever with that. Maybe if you screened it with a forest you wouldnt know it was there? Except I imagine you can see the power station on the approach road. Kinda hard to hide a 300 hectare power station with attached coal mine.

With the coal supply from Yallourn's East Field mine expected to be exhausted in 2007, work commenced on a diversion of the nearby Morwell River five years ago to grant unimpeded access to further coal sources from the Maryvale coal field. Without this, the power station potentially faced significant modification or even closure. The Morwell River Diversion, and the access to coal supplies it allows, will ensure Yallourn can continue to operate until 2032. The 3.5km diversion was constructed over five years with an investment of AUD$122 million, and came in on time and on budget.[10]

Recently, the station's name was shortened to be just "Yallourn Power Station". In late 2007, a subsidence in the mine wall resulted in the Latrobe River bursting through, damaging coal conveying plant and flooding low levels of the mine. Urgent earthwork repairs were made with the co-operation of other power generators. Coal production was limited for some weeks.
Click to expand...

Thats umm just lovely.
 
It was originally the offices for the power station. Built in the 1920s, and the queen has visited twice.
You cant really see the power station from the property, just the smoke from the big chimneys and there is a constant hum.
 
if I had the spare cash i'd look into buying it. Maybe split the property up and sell off its differing assets. The Liquor and pokies licence alone would be worth a mint if brought back to a capital city.
 
Wouldn't need to move the liquor and pokies licence as far as Melbourne. Moe and Morwell would have plenty of patrons.

Large land, what about hard stand for Yallourn heavy vehicles or other such like.

peastman, is it just adjoining the power station, as one of those photos looks like it has some serious chimney stacks behind it? Do you know the exact address? Is it right at Yallourn or in Newborough?
 
It is opposite the power station in Yallourn. Other than that only farmland for a few km.
I did not see any pokies, so presume no pokies licence.
The owner was telling me he was thinking about putting in self storage sheds in the carpark at one stage and also using the venue as a swingers venue. Interesting concept, nudge nudge wink;) wink;), say no more.
 
Ah, I just assumed there was a gaming licen$e following on from the post of CashflowPlus. Just re-visited the advert, it doesn't state such. It looks as though the facility has not had too many patrons of late.

Swingers venue .......Yallourn.......Electrifying :p

Seriously, would there be any demand for storage or hard stand parking as I mentioned?

If it hasn't operated as a pub/venue for a while, what would be the best use for the license now.?

Could it be partitioned off as accommodation for workers? Just thinking out loud here :confused:

Do you know the region well?
 
Do the numbers for an asset strip

I assume the contents are included in the sale - ebay them.

The liquor licence should be worth something - how much ?

It's 2 lots, so sell/rent one off to horsey types for grazing/agistment ? $45pw for each horse ?

And sell/rent the other lot to the local bikie chapter as HQ - they may have the resources & inclination to do it up ?
 
Check out the major contractors who service the mine and power station (look for the names on trucks, earthworks machines etc), and see if they need any lay down yard or purpose built truck storage, workshops etc. Also ask the mines and powerstation if they have any current requirements.

Looks like a potential light industrial opportunity (as per Player once I read his reply in detail).
 
have you actually rung to confirm the price... I'm surprised at the number of times RE Agents accidently leave off a zero from the price!
Pen
 
WOW what a stunning building.

I do not know Victoria at all so have no idea where this is.
It would be stunning brought back to it's former glory and used as a boutique hotel/accom/ wedding venue. (like the Hydro Magestic in the Blue Mts http://www.hydromajestic.com.au/)

How far away from Melb is it? (Google says 145kms)

If it is a reasonable distance, I can see weddings, vintage car clubs, eg using it as a weekend stay. Put in some decent spa treatments and it could be
a goer.

More a business investment than a purely property one :)
 
We discovered the Hydro Majestic on our honeymoon nearly 23 years ago when it was pretty much derelict. I don't think it was being used but we did get inside for a look, so there must have been something there, but cannot remember. I think the coffee shop may have been open but nothing much else. The "cement pond" was empty with green putrid water in the bottom, sad by magical to us, like discovering some lost world that time had forgotten. Next trip, it was being renovated, slowly.

When we went back the last time, we enquired about staying one night and the (from memory) $700 or so per night meant we didn't stay. We did go in and look around and, for me, it had been spoilt somewhat by being renovated a little "too much". It had lost that shabby charm and the reception area looked like any 5 star reception area, which was a pity for us.

We had similar experience with The Carrington. On our honeymoon we couldn't afford to stay there as well as at Caves House, so we chose the latter, which was fantastic. Next visit, Carrington was boarded up and derelict. Third visit it was also being renovated, but still had not lost its shabby elegance like the Hydro.

I love the Blue Mountains. We considered moving into an old mansion, actually called the estate agent from the car and were told that around $1M would buy it. It had been a monestary or some type of boarding place for years and we discussed getting my brother and parents to all move down and we would share the cost. Of course, we didn't go ahead with it and it has now had millions spent on it to make it a first rate accommodation place. We just got caught up in the romance of it all. It would have been a good buy at $1M though.
 
I like the idea of renting to bike club chapter, especially so close to morwell, handy on visiting days

could be used for a movie set or band rehearsal/ recording or even a music festival

or a B&B, electrifying views, powerful appearance, electrifying atmosphere.

I agree though it seems cheap, are you sure it is freehold?
 
You must log in or register to reply here.

Similar threads

recruit2
What's wrong with this one
Replies
5
Views
2K
Aaron Sice
Aaron Sice
P
thoughts on a particular commercial property
Replies
5
Views
1K
Trogdor
T
L
Anyone going for this ?
Replies
17
Views
2K
long88
L
FormerLurker
Smallest Commercial Property Ever
Replies
8
Views
2K
Philip Thomas
Philip Thomas
E
The Entrance Commercial Property
Replies
3
Views
1K
Propertunity
Propertunity
Back
Top