The land and buildings housing a strong-performing motel located in the heart of Waikato’s biggest ‘Las Vegas-style’ motel strip have been placed on the market for sale.
The Aaron Court Motor Lodge is located at 250 Ulster Street - the main route leading into Hamilton North, where a high number of motels are situated on the near one-kilometre patch between the golf driving range to the north and Mill Street to the south. The 34-unit Aaron Court Motor Lodge accommodation business has been operating on the site for 16 years.
Aaron Court Motor Lodge’s 2,100 square metres of accommodation is spread over two levels in three separate blocks, and features a configuration of studio, one, and two--bedroom units. All accommodation suites contain their own kitchenette, most with cooking equipment, and refrigerator, with access to shared laundry facilities.
Supporting the accommodation suites, the Aaron Court Motor Lodge complex also operates a café with full commercial-grade kitchen, a fully-licensed restaurant and bar, and multiple conference and meeting rooms. The motel’s premier guest amenity is its in-ground swimming pool.
With two entrances off Ulster Street, the motel sits on a corner comprising of 5,622 square metres of L-shaped land, and includes a single level four-bedroom manager’s residence with its own fenced back yard.
Aaron Court Motor Lodge’s operator has a lease on the site running through until 2034 – returning $348,000 plus GST per annum, with an additional four percent of the rental sum specifically allocated into a maintenance fund.
Now the Aaron Court Motor Lodge freehold land and buildings at 250 Ulster Street are being jointly marketed for sale by tender through Bayleys Hamilton and Bayleys Auckland, with tenders closing on March 12. Salespeople David Cashmore and Paul Dixon said both the current asset owner and the tenant had been fastidious about property maintenance at the premises – ensuring its popular guest-appeal had rarely waned throughout its 16-year lifespan.
“The quality of the room stock and guest amenities provided at Aaron Court Motor Lodge, combined with the business’s location in what is Hamilton’s main motel strip, have ensured that accommodation providers in the Ulster Street strip have consistently operated at above industry average occupancy rates throughout their history compared to other parts of the city,” Mr Cashmore said.
“That performance has given both the landlord and tenant the unified ongoing confidence to implement a continually-rotating property maintenance schedule which has consequently meant both the property’s exterior and interior decore is of a high standard - underpinning not only the excellent room yield but also add-on revenues from ancillary services.”
The Ulster Street property is zoned Residential Intensification (visitor facilities area) under the Hamilton City Council Plan.