This unique investment property is back on the market after the previous sale fell through. Now discounted by $310,000, does it stack up as an investment purchase or is it too niche?
Property research house SQM Research has this week brought to our attention to a horse ranch for sale in Western Australia, as part of its ongoing 'Distressed Property of the Week' series.
According to SQM Research, the property (priced at $990,000) is located in Kalbarri – a small seaside town 590 kilometres away from Perth. It has a permanent population of around 1,500 people and up to 9,000 during peak holiday seasons.
Set on 9.6 acres and consisting of five main areas – the homestead, designated staff quarters, short stay accommodation, hay shed and caravan/camping grounds.
The homestead consists of a two-storey ‘Spanish’ style home that includes five bedrooms, two bathrooms, swimming pool and gazebo. The staff quarters are located nearby and feature a separate fully self-contained two-bedroom, air-conditioned unit which adjoins the main shed.
"Short-stay accommodation consists of 12 smaller suites, all with direct access to common bathroom and laundry facilities. Short-stay suites can successfully accommodate up to 52 people. This particular area also includes a kitchen with necessary cooking equipment, including a fridge and BBQ, the area also includes a common area with plenty of tables and chairs, a TV and fire place," the Distressed Property description reads.
"The caravan/camping grounds include four powered sites and 15 unpowered sites. These sites also have direct access to short-stay communal amenities and swimming pool. with access to short-stay communal amenities and swimming pool."
"The listing states that the property is currently being run as an established equestrian and accommodation business. The business provides horse riding for people young and old, and provides weekly lessons for young locals. The current managers have offered to stay onboard and continue to run the business post sale. Importantly, all 9.6 acres of the land is zoned for ‘Special Use’. The sale price includes extensive plant equipment including vehicles, horse floats, stables, all 26 of the ranch's healthy horses, sheds, paddocks, and the furniture in the homestead, short-stay suites and more," SQM Research said.
"The property first came onto the market back in November 2013 with an asking price of $1.3 million. The vendor has since reduced the price down to $990,000, a total reduction of $310,000. The listing states that the last buyer unfortunately fell through and that the property had to be put back on the market again. This in addition to the recent reduction suggests that the owners are likely to consider all offers within a respectable range of the current asking price. Interested buyers better get in quick."
Images sourced from Ray White Kalbarri via Domain.