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Historic homestead B & B placed on the market for sale
Media Release
3.5.2017
Historic homestead B & B placed on the market for sale
A commercial accommodation provider operating out of one of Dunedin’s most highly regarded residential heritage buildings – registered with Heritage New Zealand – has been placed on the market for sale.
Hulmes Court Bed and Breakfast is located within the grand mansion built in the 1860s for provincial surgeon Edward Hulme who helped found Otago Medical School.
The eight-room lodge has been operating for 20 years – running at an average occupancy of 88 percent, with rack rates of $85 for a single room and between $135 – $185 for a double room. Four of the guest rooms have their own en-suites, with the other four sharing bathroom facilities.
Built from a mix of native New Zealand timbers such as rimu and kauri, along with imported Baltic pine, Hulmes Court has a Category 2 listing with Heritage New Zealand. Rooms are themed with Victorian and Edwardian period furnishings and décor. One of the guest rooms even has its own turret.
The four-storey Tennyson Street property is for sale by negotiation through Bayleys Dunedin. Salesperson Nick Lucas said the approximately 300 square metres building containing Hulmes Court was situated on 814 square metres of freehold land on the edge of Dunedin’s central business district.
Mr Lucas said Hulmes Court Bed and Breakfast was being sold as a going concern – with the potential to add as-yet untapped revenue streams.
“While the name Hulmes Court Bed and Breakfast implies a small, hobby-style accommodation business as is commonly associated with this genre of hosting, the venue could be more aptly be branded Hulmes Court Lodge as it fully consented under council bylaws to operate as a commercial accommodation provider,” Mr Lucas said.
“With an inventory of eight rooms, and an established network of links through to online booking services such as trivago and expedia, Hulmes Court is a stand-alone business in its own right, employing five part-time cleaners available as demanded by occupancy peaks and troughs,” he said.
“As part of guest bookings, a continental breakfast is offered. Utilising the existing kitchen preparation and dining room service amenities, a dinner menu option could also be added for guests preferring to dine in rather than eat out in town.”
Beneath the B & B’s communal lounge, dining, and kitchen areas is a 40 square metre self-contained staff apartment with bathroom and living space. The property has off-street parking for guests
Latest commercial accommodation data from Stats NZ for Dunedin in January this year show the motel/apartment segment, which includes bed and breakfast style accommodation, had the highest occupancy sector of commercial accommodation providers in the city – at 67.9 per cent.
The data also noted there were 33,675 guest stay nights recorded at Dunedin’s motels and apartments during January. Hulmes Court’s revenues reflected the positivity emanating from the city’s tourism sector – with the business’s 2016/17 accounts showing a 12 percent increase in income from the2015/16 financial year.
Mr Lucas said that that under its present guise, Hulmes Court Bed and Breakfast was predominantly a leisure guest destination – with above-average rankings on on-line accommodation rating websites.
“It’s proximity to the city centre though, under a moniker of say ‘boutique hotel’ or ‘lodge’ would allow for developing supplier relationships with the corporate sector,” he said.
“This would bolster up bookings during the quieter weekdays in the calendar and consequently improve room revenues further.”
Chattels included in the Hulmes Court Bed and Breakfast offering include all furnishings and fitting, linen and manchester, crockery and cutlery, and foodservice hardware.
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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