Greek family man snaps up city motel for cheap at auction

THE Gladstone Motel sold at auction today to proud Greek family man Tasos Barounis, one of two bidders vying for the property.

SOLD: Greek man Tasos Barounis and wife Tricia are the new owners of the Gladstone Motel. Picture: Mike Richards GLA050517MOTEL

THE Gladstone Motel sold at auction today to proud Greek family man Tasos Barounis, one of two bidders vying for the property.

The motel sold for less than a quarter of the $2.3 million Buslink forked out to buy it six years ago at today's fire sale.

EARLIER | Million-dollar city motel to go at bargain price at auction

While other stone-faced investors spoke on their phones to business partners, Mr Barounis had his wife on the other end of his mobile during the auction.

The father of two entered the motel industry in 2002 with wife Tricia so they could watch their children, now 15 and 16, grow up.

Once settled, Mr and Mrs Barounis are keen to explore how they can improve the 20-room Toolooa St motel.

"I hear the market and business is very quiet in Gladstone, but I think it will turn around," she said.

"This motel is in a good location and it's in good condition."

Auctioneer John Warren and Debbie Nicholson from Tourism Brokers with the new owner of the Gladstone Motel Tasos Barounis. Picture: Mike Richards GLA050517MOTEL

The motel was used for accommodation for Buslink's drivers during construction of the three Curtis Island liquefied natural gas plants when rent prices soared across the region.

But with no further need for driver accommodation, Buslink was ready to sell at market value.

Tourism Brokers senior sales representative and auctioneer John Warren said yesterday's auction wasn't a bargain, but "a sign of the times" in regional Queensland.

It's the second motel he's seen sell cheap in Gladstone since December last year when Mawarra Hotel sold for $880,000.

Gladstone Motel manager of two and a half years Nikki Wilkins was glad to see the motel sell yesterday after experiencing the boom and the recent struggles.

Gladstone Motel at 88 Toolooa St is expected to sell at a fire sale auction this Friday.

"We were so busy when I first took over, it was so full on," she said.

"The last 12 months I've really noticed it slow down."

Mrs Wilkins met the new owner two weeks ago when he visited Gladstone and stayed at the motel.

She was certain he would be the winning bidder.

"I even put a bet on with my husband, I said to him, 'I guarantee you, he'll be the owner', so I won that bet. I'm really glad he's got it."

The Toolooa St property is Mr and Mrs Barounis second motel in Queensland. They own another in Maryborough.