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Investors Set To Bowl In As Landmark Family Entertainment Site Goes Up For Sale

500 Thames Highway 1

The land and buildings housing one of Otago’s best-known family entertainment and hospitality hubs have been placed on the market for sale.

The Galleon Family Complex, at 500 Thames Highway, Oamaru, is a popular attraction for residents and passing motorists on State Highway 1 between Otago and Canterbury.

Positioned just south of Oamaru’s northern town boundary, the complex features a family restaurant, bar and function room, plus entertainment options including an eight-lane tenpin bowling alley, a combat laser tag arena, gaming room and children’s arcade games area.

The property is fully leased to Morris Investments Limited, operators of the Galleon Family Complex, which has occupied the premises since 2013.

The tenancy generates net rental income of $176,094 plus outgoings and GST per annum on a current lease which runs through to 2025, with two further six-year rights of renewal extending out to 2037. The lease includes annual rental increases pinned to the consumer price index, with a market review at renewal.

In addition to rental income for the premises, the hire of chattels offers a further $15,600 plus GST per annum.

The freehold land and buildings at 500 Thames Highway, Oamaru, are now being marketed for sale by deadline private treaty closing on 10 March, through Bayleys Dunedin.

Salespeople Muir Gold and Kurt Snook said the property for sale consisted of a building of approximately 1,538 square metres on some 4,164 square metres of flat land incorporating 44 on-site car parks.

“The complex was purpose-built in the 1970s and then underwent a significant redevelopment in 2002. The original construction features a concrete foundation floor slab, roughcast exterior wall covering, a tile roof and metal and aluminium exterior window joinery,” said Mr Gold.

“The main central entrance, a bar extension, gaming room and raised-floor bowling alley were constructed in 2002 on a concrete floor slab, with concrete tilt-slab walls, aluminium joinery and a Colorsteel roof.

“The site has long been a landmark at Oamaru’s northern gateway, including during its earlier uses as a motor lodge and a pool, sauna and spa attraction,” said Mr Gold.

The property is zoned Residential 9A under Waitaki District Council’s district plan.

“The council has granted subdivision resource consent to the existing owner to adjust the boundary and subdivide the current, larger landholding into two, leaving the Galleon Complex with the 4,164 square metres of land for sale,” Mr Gold said.

Mr Snook said the site’s excellent street exposure, coupled with dual access points and ample off-street car parking, supported easy access from Thames Highway, which doubles as State Highway 1, the main arterial route through Oamaru.

“This adds to the site’s strong appeal as a conveniently-located all-in-one stop for locals, tourists and through-travellers seeking family fun, food and refreshments,” he said.

“Located 300 metres south of the northern town boundary, the site is within handy reach of both the town centre and the North End Business Park. Oamaru offers a wide range of services and amenities including big-brand retailers such as Farmers, The Warehouse, Noel Leeming, Smiths City and major supermarkets, along with the recently opened Mitre 10 Mega and Placemakers.

“The property is also close to multiple visitor attractions and accommodation providers, including neighbouring motels, making its hospitality and entertainment offerings appealing to travellers,” Mr Snook said.

Positioned on the main road between Dunedin and Christchurch, Oamaru was the largest town in Waitaki District, he said.

“Growing awareness of world-class attractions in the area – backed by high-profile praise from the likes of the Lonely Planet guide – has boosted visitor numbers in recent years,” said Mr Snook.

“Oamaru is increasingly sought out by tourists for its penguin colony and the limestone architecture of its Victorian precinct, and as the end-point of the Alps to Ocean Cycle Trail from Aoraki/Mount Cook.”

According to Tourism Waitaki, domestic tourists account for around three-quarters of the district’s tourism economy, positioning Oamaru well to continue to flourish amid Covid-19 related restrictions on international travel.

Click here for full information on the property.

© Scoop Media

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