13/5 Lower Madden StreetDevonport TAS 7310
Property Details for 13/5 Lower Madden St, Devonport
Last Listing description (May 2019)
High profile Tasmanian gaming hotel on the banks of the Mersey River in Devonport, on Tasmania s north-west coast.
This large complex includes a public bar, lounge bar, dining room seating 260, commercial kitchen, bottleshop, gaming lounge with 30 machines, TOTE, Keno, manager s flat, eight hotel rooms, 13 motel rooms, reception and office, and on site parking.
Also available as an option is valuable surrounding development land which would be fantastic for further motel units or other accommodation options (STCA). The property was re-zoned in February 2016 from General Residential to Particular Purpose Zone 1 Elimatta Hotel which can facilitate such a development.
(Hotel price $6,700,000; land price: $1,170,000)
Affectionately know as The Eli , the hotel has had only two owners in the last 43 years and is a major landmark in the picturesque city of Devonport. The two Spirit of Tasmania ferries sail right past the hotel each and every day.
The hotel has been significantly upgraded in the last three years with the dining room refurbished in 2016 at a cost of $240,000.
The business operates under management with annual revenue exceeding $3.3 million.
The hotel is a strong performer with gaming machines and is well placed to benefit in 2023 when the State Government will put the current single operator wholesale agreement to tender.
It is no secret that tourism in Tasmania is booming. There are currently 1,260,000 annual visitors with Tourism Tasmania forecasting an increase to 1,500,000 visitors by the year 2020. There is no better time to purchase an accommodation property.
This is indeed a rare opportunity to purchase a waterfront hotel that has a very strong business base (particularly gaming) and huge prospects for further development (STCA).
Fantastic opportunity to develop into accommodation options
This is a fantastic hotel with great development prospects. New gaming legislation will add to it's profitability.
Recent proposed changes to the gaming legislation will greatly increase the hotel's profitability from their 30 EGM's.
Property History for 13/5 Lower Madden St, Devonport, TAS 7310
- 28 Feb 2017Listed for Sale Freehold with Business - $6,700,000 plus stock
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About Devonport 7310
The size of Devonport is approximately 10.2 square kilometres. It has 15 parks covering nearly 13.3% of total area. The population of Devonport in 2016 was 13759 people. By 2021 the population was 14481 showing a population growth of 5.2% in the area during that time. The predominant age group in Devonport is 50-59 years. Households in Devonport are primarily childless couples and are likely to be repaying $1000 - $1399 per month on mortgage repayments. In general, people in Devonport work in a community and personal service occupation.In 2021, 61.00% of the homes in Devonport were owner-occupied compared with 59.40% in 2016.
Devonport has 7,665 properties. Over the last 5 years, Houses in Devonport have seen a 63.94% increase in median value, while Units have seen a 54.93% increase. As at 31 March 2026:
- The median value for Houses in Devonport is $570,701 while the median value for Units is $434,860.
- Houses have a median rent of $500 while Units have a median rent of $400.
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