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Travel & Tourism - Motel Business For Sale
Coromandel New Zealand
EXCEPTIONAL TOURISM OPPORTUNITY
Freehold Going Concern Asking price $1,975,000 plus GST (if any) 9 + Units - 2896 m2 - Superb operation.
Consistently superior occupancy rates that are significantly higher than average for region - strong corporate base.
Well positioned in the heart of Coromandel's tourist centre. 2 x Freehold titles: 1 x 1590 m2, containing motel complex, Registered Valuation = $1,600,000. 1 x 1306 m2 with separate dwelling, Registered Valuation = $357,000. Combined FHGC package offered for sale at $1,975,000.
9 ground floor units: comprising 5 x 51m2 spacious family units and 4 x 27 m2 studio units.
Owner's accommodation: 3 bedrooms, 2 with en suites. One of the bedrooms can double as another studio unit, effectively making 10 units in total.
The Coromandel Court Motel represents an outstanding opportunity for purchasers wishing to further capitalise on the growing tourism industry and the vibrant capital gains currently being enjoyed on the Coromandel Peninsula. Further Information:
The Freehold Going Concern known as the Coromandel Court Motel at 365 Kapanga Road is being offered for sale contemporaneously with the neighbouring Freehold property at 375 Kapanga Road . 375 Kapanga Road has a separate three bedroom dwelling. This second site is ideally positioned to enable further future expansion of the existing motel operation.
Coromandel Court Motel has consistently enjoyed an occupancy rate which is significantly higher than that experienced by the average rates reported to the statistics for the region. Coromandel Court Motel ’s average occupancy is 1.75 x the regional average.
The Motel is located within a few minutes (200 metres), level walk of the central business district of Coromandel town. Guests have the option of leaving their vehicles behind at the motel and enjoying a leisurely stroll to the award winning restaurants, cafes and tourist attractions.
Set down a quiet right of way, the motel conveniently neighbours the Coromandel Isite (Information) Centre and Thames Coromandel District Council office, which are both situated in the historic Courthouse building (circa 1873).
The Coromandel Court Motel complex was built in 1998 and comprises 9 + ground floor units. Each unit opens onto the outdoor deck which links all four sides of the Motel quadrangle.
The five executive, two bedroom units (51 m²) provide a generous open plan living, kitchen and dining area, two separate bedrooms and a bathroom.
The four studio units (26.5 m²) combine an open plan living, kitchen, dining and bedroom area plus a separate bathroom.
The owner’s accommodation is centrally placed at the hub of the complex. From here the owner/manager can expediently access all work stations including the motel laundry, the reception, and the breakfast kitchen.
Sharing the same right-of-way and behind the Motel is a separate three bedroom dwelling (123 m²), with detached single garage. It is thought this home was constructed during the 1920’s and may have predominantly Kauri timber throughout. Previously utilised as a rental property, the home is now vacant and has been put into service as extra storage for the Motel.
Purchasers may choose to renovate and upgrade this home or equally they may consider the site as more suitable for complete redevelopment. Positioned as it is immediately alongside the motel suggests possible expansion of the existing motel operation.
NB: Redevelopment may require consents/permits from local and district councils, purchasers are advised to make their own enquires to the relevant authorities.
Coromandel town is a major tourist destination. It is situated on the Pacific Coast Highway which traverses the spectacular east coast of New Zealand ’s North Island and considered to be one of the great touring routes in the world. An easy two and a half hours drive from several major cities, the Coromandel Court Motel is in an ideal position to benefit from the increasing tourism the Peninsula is enjoying.
About Coromandel
A short hour and a half drive from Auckland, Hamilton and Tauranga lies the Coromandel, New Zealand's favourite destination. Its unspoilt landscape and relaxed lifestyle make it an ideal holiday destination.
Coromandel is the name of a town and harbour on the western side of the Coromandel Peninsula, which is on the east coast of the North Island of New Zealand. They are 75 kilometres east of the city of Auckland, although the road between them, which winds around the Firth of Thames and Hauraki Gulf coasts, is 160 km long.
At one time it was a major port serving the peninsula's gold mining and kauri industries. Today, the town's main industries are tourism and mussel farming. The town and environs are a popular summer holiday destination for New Zealanders along with international travelers.
Coromandel is noted for its artists, crafts, alternative lifestylers, mussel farming, and recreational fishing. Services to town include medical, primary and high schooling, shopping, sports and cultural clubs, fire brigade, St John's ambulance, library, council office, fuel supplies, restaurants and cafes.
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