Iconic Ex-Hotel Building with Potential Plus

Property ID 1666193

This popular two-level ex-hotel building on large prime land in great location is a tenanted investment property with resource consent to build a separate 9 apartments building.
The property is currently leased out to a very successful restaurant/bar operator. The ground floor is being used as restaurant/bistro/bar, which is very popular amongst the locals. Upstairs is an accommodation unit featuring 4 bedrooms, 2 bathrooms, an open plan lounge/dining/kitchen area and outdoor deck. There is also a lapsed consent to build an additional self-contained unit (or more bedrooms, subject to council's approval) on the upstairs floor. There are 42 carparks on site.
Key features of the property:-
- High Rental return
- Stable tenant who runs a successful food/entertainment business
- Mixed use of the property provides flexibility to turn the building back into a hotel/motel (subject to council's approval)
- Have resource consent to subdivide the property into 2 Lots (Lot 1 consisting of 644 sqm of bare land, and Lot 2 consisting of existing building on 1540 sqm of land). Also have resource consent to build a three-level 9 apartments building on the existing land. This development potential adds value to the property.
- Option to buy the entire Land and Building on 2186 sqm ( more or less) land, or only bare land of 644 sqm (more or less) after subdivision (i.e. Lot 1 - which has resource consent to build 9 apartments), or the existing building on land size of 1540 sqm (more or less) after subdivision (i.e. Lot 2).
- Potential to reconfigure the usage of the land and building according to your own choice
- Prime location with easy access to SH1 and main arterial routes
- Highly populated surrounding areas provide a very good catchment area for customers
- Shortage of accommodation units in the area

Don't miss out on this great investment opportunity. Ring Karen now on 021-996280 or 09-3919962 for more information and a private viewing.