A new owner will run the Blue Whale Motor Inn & Apartments while the freehold sale will settle at the end of March to an investor from Melbourne.

The motel was listed in November with a price tag of $2.5 million and while CRE brokers' Rohan Pertzel declined to disclose the selling price, he confirmed it exceeded the amount asked.

He said it was the third motel to sell in Warrnambool in the past few months.

"A few have been purchased by locals in Warrnambool and a couple have been from out-of-town," Mr Pertzel said.

"The Blue Whale was out of town, Eight Spence was a local couple and the Comfort Inn Western was sold to a couple of guys out-of-town who also own a motel up in Halls Gap.

"Eight Spence and Comfort Inn were just leaseholds but Blue Whale was both."

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Mr Pertzel said interest in the motel was strong.

"The leasehold sale for Blue Whale had over 20 inquiries and the freehold had around 25 and sold in the first week," he said.

"So there's still a lot of interest in motel business. They're traditionally a really good business to get into and Warrnambool is a really good town for accommodation - there's a lot that attracts buyers to Warrnambool whether for tourism or work.

"There's a lot of reps that base themselves there and a lot of corporate trade so it's quite good as a motel town. That's probably why there's been a lot of interest in businesses that have come online."

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