'Great opportunity': CBD motel now on the market
ECONO Lodge Rusty's Motel has hit the market as a receiver's sale.
Power Jeffrey & Co director Peter Power said the sale of the property is a great opportunity for someone looking to live and run a business.
He said the motel had been operating since the 1970s and believed the previous owners had the business for about 9 years.
The motel is still operational, as is the Thai restaurant which forms part of the business.
He believed the business is successfully operating and it was external factors resulting in the property going into receivership.
"The business itself is operating successfully at the present time, with reasonable levels of room occupancy," Mr Power said.
"Gladstone has always gone through high and low periods, as far as their economy goes and at the moment we are running through a low period."
Despite this, Mr Power said it is "absolutely" possible for someone to make it a successful business if it is "efficiently operated" ideally by a "hands on operator".
"It's a reasonably well presented budget-style motel and you can build a business there on good management," he said.
"There is a great opportunity there to get in now and buy it at the right price while the economy and town is sluggish and when things do pick up again, you can generate a very successful business."
Mr Power said given the type of property, it may take up to six months before a sale.
The business is located in Gladstone CBD with 21 units and a private unit for the owners, a pool and barbecue area and an on-site licensed restaurant, which is subject to lease.
Mr Power said there is no fixed price on the property and anyone interested can put in an expression of interest until August 15.