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waterfront accommodation business goes up for sale
Strategically-located waterfront accommodation business goes up for sale
One of only a handful
of absolute waterfront commercial accommodation providers in
the Coromandel township of Whitianga has been placed on the
market for sale.
The Marlin Apartments complex on Buffalo
Beach Road consists of five units and a two-bedroom
owner/manager’s apartment. The business has one
two-bedroom beach-fronting unit, one single-bedroom
beach-fronting unit, two single-bedroom courtyard-facing
ground-floor units, and a studio ground-floor
courtyard-facing unit.
The 809 square metre freehold
property is a short walk along the beachfront to Whitianga's
range of restaurants, shops, marina and tourists
attractions.
All units within the complex are equipped
with self-catering kitchen facilities - including a
microwave, fridge and stovetop – as well as SKY TV and
WiFi. Each unit has its own patio with wooden outdoor
furniture. The complex has a communal laundry and guest BBQ
available..
The Marlin Apartments land, 360 square metres
of buildings, chattels, and the accommodation business are
being marketed for sale at auction on October 29 through
Bayleys Hamilton.
Salesperson Josh Smith said the business was usually booked solidly throughout the Christmas/New Year holiday period, with strong reservation numbers throughout the remainder of summer running into Easter. The future revenue stream would be passed on to any new owner.
Mr Smith said Whitianga’s tourism calendar was divided into two separate economic trading periods. The busiest trading period was the summer and summer-shoulder months from November to April. The quieter part of the year was over the autumn/winter/early spring months.
Whitianga markets itself as a central regional hub – where tourists can base themselves for visiting the Coromandel’s high-profile beaches, including Hot Water Beach, Cathedral Cove, Opito Bay and New Chums.
“Over recent years, tourism and hospitality operators in Whitianga have taken a much broader and ‘collegial’ approach to their marketing activities. This has seen the development of an events calendar to bring in visitor numbers during periods which would otherwise be ‘quieter’,” Mr Smith said.
“Foremost among these events has of course been the scallop festival, followed closely by the air show, motor racing events, the K-2 cycle challenge, any numerous fishing contests. These destination-based attractions benefit all sectors of the Whitianga economy, including Marlin Apartments.
“It’s
about utilising Coromandel’s beach attractions as a
foundation for tourism, then bolting on other reasons to
visit the town. The target market for all tourism promotion
activities is primarily Aucklanders, followed by the Greater
Waikato population.”
Thames Coromandel District Council
has allocated $3.1 million in its 2015-2025 Long Term
Plan for the upgrading of Whitianga town centre. The
council has expressed a strong desire to have the majority
of work completed by 2019 to tie in with the 250 year
commemorations of Captain Cook landing at Mercury Bay.
Mr
Smith said the quality of the Marlin Apartments offering,
and their handy CBD-fringe location overlooking Buffalo
Beach, had ensured consistently strong occupancy levels
since they were built in 1975. The non-smoking units
underwent a substantial refurbishment in July this year -
with renovation work encompassing a complete external
repaint, major internal redecorating, and grounds
landscaping.
“A number of competing commercial accommodation properties in Whitianga have chosen to take profits out of their businesses over the past decade. In contrast, Marlin Apartments’ owners have re-invested a considerable portion of profits back into the operation through a regular maintenance schedule,” Mr Smith said.
ENDS
Bayleys Real Estate
New Zealand
Bayleys is New Zealand's largest full-service real estate company. We offer expertise in the marketing and sale of a wide range of property, including residential real estate, farms and lifestyle blocks, and commercial and industrial property. This includes tourism and business sales such as hotels and motels. We also cover the real estate markets in Fiji and other Pacific Islands.
Bayleys also provides a complete property and facilities service including property management and valuations teams focused on achieving both Owner and Tenant satisfaction.
No other real estate company can match our breadth of coverage across all market sectors throughout New Zealand.
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