Hokitika, South Island
West Coast Gold Awaits You - 15 Unit Freehold
Land, Buildings and Business $3,600,000
Business Description
Discover this rare opportunity to acquire the freehold going concern of this modern well-established and highly regarded accommodation business, offering consistent and growing income, and strong future upside. The units enjoy a great outlook and are quieter than most, being off the main road, but still one of the closest walking distances to the heart of Hokitika. Opened in 2018 – this is the newest motel in Hokitika and in fact, the West Coast.
This property offers an exceptional four bedroom plus study owners' residence; you will not likely find another of this standard in a motel operation. Separate from the units on a 903 square metre site, it includes a separate one-bedroom attached unit with open plan living, of approximately 57 square metres. This could be added to the letting pool for further accommodation income.
If preferred, the property could be purchased without the large house if the new operator chose to reside in one of the two-bedroom units.
The newest motel in Hokitika, and likely to remain that way for the foreseeable future. This is because the insurance replacement cost for the motel buildings alone is considerably higher than the asking price for the motel, the motel business and the substantial residence. The building replacement cost would be in addition to the cost of the land, the chattels, and any business value.
Please be aware that some of this information may have been sourced from RPNZ/ Property Guru/ Land Information New Zealand and we have not been able to verify the accuracy of same. Any boundary lines shown on an image are indicative only.
An Information Memorandum is available to download from our website coffeys.co.nz.
Some details of this listing are confidential and can only be disclosed upon completion of a confidentiality agreement, included in the Information Memorandum.
We would welcome your enquiry via this website or direct to KELVYN COFFEY.
Business Summary
Key Investment Insights
1. 15-unit freehold going concern, modern and well-established accommodation business with consistent and growing income, and stated strong future upside.
2. Opened in 2018, the newest motel in Hokitika and on the West Coast, likely to remain the newest for the foreseeable future.
3. Units are located off the main road, offering a quieter outlook while remaining within walking distance to the heart of Hokitika.
4. Exceptional separate owners’ residence, four bedrooms plus study, situated on a 903 square metre site, described as unusually high standard for a motel operation.
5. Separate attached one-bedroom unit of approximately 57 square metres that could be added to the letting pool to increase accommodation income.
6. Purchase flexibility, with the option to buy without the large house and for the operator to reside in one of the two-bedroom units.
7. Insurance replacement cost for the motel buildings alone is stated to be considerably higher than the asking price, indicating significant built asset value.
8. Replacement cost comment implies additional value beyond asking price for land, chattels, and business goodwill.
9. Some listing details are confidential and require completion of a confidentiality agreement to access full information.
10. An Information Memorandum is available for download from the seller’s website coffeys.co.nz.
11. Certain information has been sourced from RPNZ, Property Guru and Land Information New Zealand and has not been independently verified by the seller.
12. Enquiries are to be made via the website or directly to Kelvyn Coffey.
