The three-storey Katherine River Lodge Motel in Giles Street has dropped in price again.
After originally being listed for $2.75 million in November last year, the sale price of the sprawling complex has today been reduced to $2.3 million walk-in walk-out.
Selling agents Elders made a bid to sell the 62-room motel complex for $2.5 million just a few weeks after it was originally listed.
The popular Barrel and Cruise Restaurant is part of the motel complex which sprawls about more than a hectare and overlooks the Katherine River.
Just down the street is Knotts Crossing which was sold late last year for more than $7.5 million although the sale did not alter the current lease arrangements.
There is still no word from the NT Government on what it intends to do with the neighbouring Sports and Recreation Club in Giles Street.
The Katherine Cinema remains on the market for a listed price of $700,000 through Elders Real Estate.
Katherine Times has been told the accommodation business has changed in Katherine since the opening of the new 106-room Victoria Village recently opened its doors on the Victoria Highway, catering mainly for flyin and fly-out workers.
The village features a gymnasium, and an on-site tavern and is locally called Foxys.
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