The path to York is paved with ‘For Sale’ signs as businesses and residents pull up stumps.
BUSINESS owners in York hope a new generation of investors will move to the town, where real estate agents’ ‘For Sale’ signs currently compete for space on the footpath with shop-front advertising.
Four of the historic town’s premier hotels are among a collection of local businesses either being considered for sale or having recently changed hands.
Long-time York residents and co-owners of Swann Lodge, Bob and Di Swann, said the level of businesses changing hands during the past 12 years had been significant.
“Everyone is always talking of selling,” Mrs Swann told WA Business News.
“We have got five real estate agents in town, five of them and they all make a living; does that tell you something?”
Elders Real Estate has been operating in the York Avon Valley area for more than 100 years and Elders agent, Brian Woolcock (who has sold residential and commercial property for 18 of his 30 years in York) said the current high level of commercial and residential sales activity was unusual.
“It’s a bit of a rare occurrence,” he said.
“Commercially there’d always be someone taking on a new business but it’s all happening at once.”
Ray White’s Ron Robinson believed a good offer would secure almost any commercial or residential property in York.
“I was born here and I’ll die here but offer me a good deal for my house and I’ll probably sell it,” he said.
“It’s just the way it is now in York.”
Young families seeking a tree-change, or investors wanting a weekend retreat, have entered the residential market of late.
Mr and Mrs Swann recently put their five-unit boutique hotel on Newcastle Street (about four minutes’ walk from the town centre) on the market.
Now aged in his early 70s, Mr Swann (a master builder by trade) built the hotel with tilt panels at a cost of $200,000.
“We opened on April Fools’ Day in 1999, and people said I was crazy to do it at 60,” Mrs Swann said.
“We’ve put it on the market for $880,000.”
York’s three largest accommodation facilities located on Avon Terrace – John Hay’s The York Hotel, Peter Bowman’s The Castle Hotel and John Saville-Wright’s The Imperial Hotel – are all on the market.
Mr Bowman confirmed he was considering selling The Castle, which he described as five businesses in one (a drive-through bottle shop, function rooms, restaurant and bistro, about 20 hotel-cum-motel rooms and a public bar).
“It cost me around $2.5 million about 10 years ago,” Mr Bowman said. “And I’ve spent a bloody fortune on the place since then. It would be getting to around the $5 million mark. But I wouldn’t get out unless I got what I wanted for it and frankly I think that would be difficult.”
Mr Saville-Wright bought the Imperial with his partner, Lynette Vincenti, about three years ago as a restoration project (which has cost over $1 million to date) and now generates about $1 million in turnover annually.
He suggested that, while accommodation providers have continually reinvested in their businesses, the local shire has done relatively little to market the tourist-dependent town.
“Operators over the last few years have spent $40-$50 million dollars, while the shire council have spent nothing on destination marketing the town,” Mr Saville-Wright said.
Mr Hay said he spent $3 million renovating the 101-year-old York Hotel (and building 15 additional terrace suites alongside), which now has a $2.75 million price tag.
He hoped his York School (which has also received a $1.5 million renovation) will fetch $1.6 million while Settler’s Rest, a development site on Neville Street, has been priced to sell at $500,000.
Meanwhile, at least three other Avon Terrace properties currently housing cafes, real estate agencies and the York Deli are on the market, as are a number of private residences.
