Seaside motel for sale
Seaside motel for sale
A seaside motel on the inner harbor side of Mount Maunganui is on the market for sale.
The 12 unit Mission Belle Motel was built in 1996. The land and buildings comprising the Mission Belle Motel are being marketed for sale by Bayleys Tauranga commercial salesperson Brendon Bradley through a tender process closing on December 12.
Mr Bradley said the Mission Belle Motel sat on 1188 square metres of freehold land and generated an annual rent al of $109,750 from the business operators. The motel is leased to its existing operators through until 2021, with an optional two year extension and a further five year right of renewal. The rent is reviewed every two years.
The accommodation units are split into three wings – totaling 677 square metres of space. The motel buildings are constructed of reinforced concrete with plaster finish over a mix of concrete block and timber-framed walls with aluminium joinery and concrete tiles on the roof.
Mr Bradley said the Victoria Road/Pacific Avenue corner location of the Mission Belle put it as one of the closest motels to Mount Maunganui’s central retail hub just 200 metres away. Pilot Bay in Tauranga’s inner harbor was a similar distance, while the main ocean beach was 800 metres away in the opposite direction. Rooms on the upper level have harbor views.
The motel’s 12 units are configured into two small studio units, two standard sized studio units, five one bedroom suites and three two bedroom units. Supporting infrastructure includes a boiler/drying room with gas heater, laundry, BBQ area, reception lounge and office, and toilets.
The manager’s open plan accommodation consists of three bedrooms, a kitchen, dining room, lounge, bathroom, and toilet. Two of the bedrooms have their own ensuites, and one has its own balcony. A plaster finished wall encloses the perimeter of the property to deliver privacy for guests and the motel’s operators.
“After a bumpy year with the after-effects of the Rena spill in the summer of 2011/2012, the Mount’s tourism and hospitality sector has bounced back strongly – and the Mission Belle is reflective of that positive outlook going forward,” Mr Bradley said.
“The tenant has a strong emphasis on marketing, particularly on-line, and this has helped established a very well run business for the property.
“Part of the motel’s attraction to guests is the quality of the property as a whole, and the high degree of maintenance – both externally and internally – which is undertaken on the grounds and accommodation units.
“Working in such a prime asset has been the primary reason why the current operators have been continuous tenants for the past17 years, and with a desire to remain on until at least the end of the extended lease terms. From an investment perspective, that’s an obvious consideration when valuing an asset like this.”