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Plenty of room at the inn
Plenty of room at the inn
The land and buildings of the largest accommodation offering in Wellington’s Ngauranga Gorge - comprising a 40-unit motor lodge complex, 27-site campervan park, apartment, restaurant and conference building, has been placed on the market for sale.
The well-known and positioned freehold property, Capital Gateway Motor Inn, is located at 1 Newlands Road, at the intersection of Newlands Road and State Highway One, at the top of the Ngauranga Gorge. Central Wellington is less than a 10-minute drive from the motor inn.
Built in 1987 in a Tudor design, the motor lodge buildings comprise three free standing accommodation blocks plus an adjoining reception and restaurant/conference building, with a two-bedroom manager’s apartment upstairs. The property land size is 1.56 hectares and includes a 27 campervan park.
The freehold land and buildings, which are currently leased until February 2050, have been placed on the market for sale through Bayleys Wellington through a tender process closing on April 13. The property is being marketed by salesperson Mark Sherlock.
Mr Sherlock said the long term lease, reputation of the tenant and the standard of facilities offered provide an outstanding passive investment for a new owner.
Capital Gateway Motor Inn is a well-known, established business in a prominent location that caters largely to business travellers and families and enjoys repeat custom,” he said.
“The site has extensive exposure to north and southbound traffic on the motorway and is easily accessible - from the south via a slipway to Newlands Road and from the north via the Newlands overbridge. All local amenities are within easy driving distance, as is the central city.
“This is a sizeable accommodation provider, with more generously-proportioned accommodation compared to modern hotel developments. There are 4 styles of motel units ranging from studio to two-bedroom family units, and a campervan park on the northern side of the property which can accommodate 27 vehicles. A two bedroom apartment also provides accommodation for an owner/manager.” Motel units have been regularly redecorated to ensure a high level of presentation.
Other facilities within the main
buildings are a reception area, bar and restaurant, full
commercial kitchen, staffroom, bathrooms, cleaners’ room,
unloading bay, rubbish areas, walk-in cool room, storeroom
and laundry. In the campervan park an amenities building
features a laundry, kitchen, cleaners’ room, storeroom and
bathroom facilities.
The buildings have an A-grade
seismic rating. Construction is predominantly reinforced
concrete slab foundations and concrete block to the ground
floor with timber framing. Externally, the buildings are
clad in board and batten cement fibre sheet with concrete
support, PVC spouting and downpipes, and aluminium frame and
window joinery.
The land and buildings are currently leased to Capital Gateway Motor Inn 2006 Limited, for a 47-year term which commenced in February 2003, with a final expiry date of February 2050. Annual rental is $452,000 plus GST. This company has been operating the business for the last decade and has a proven track record.
The property is 1.56 hectares in area held in two titles and sits on an elevated site above State Highway One. An appealing feature of the property is the availability of near level excess land which could be further developed into additional accommodation in the future, said Mr Sherlock.
“This property offers a new owner the opportunity to acquire a passive income with a long-term well-established tenant operating an extensive well known Motor Inn that most Wellingtonians would recognize.
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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