Port Douglas Motel sold under the hammer
ALMOST 30 bids were received on the Port Douglas Motel before it sold under the hammer for $1.342 million last Thursday. Selling agent Callum Jones, of Tony McGrath Real Estate, said the selling price was $100,000 over the reserve but still presented a good bargain for the new owner, who is a motel operator. The new owner plans to invest in refurbishing the 20-room complex which enjoys street frontage to Davidson, Owen and Warner Streets on a commanding half-acre. At the same auction, 2 Macrossan St which formerly housed Bistro 3 restaurant was passed in at $1.1 million and negotiations are ongoing while a Palm Cove Esplanade commercial site received five bids before it was passed in at $900,000.