Discerning property investors both locally and internationally will be keen to take a closer look at this exceptional investment opportunity in Auckland's bustling CBD.
Located at 3 Scotia Place, Ascotia Off Queen is an established, well-performing hotel that offers a solid long-term return with built-in growth, underpinned by experienced management and a newly established lease.
“The positioning here is unbeatable,” says Wayne Muir, who, along with his colleague John Stringer at Barfoot & Thompson Commercial, is marketing 3 Scotia Place for sale by Deadline Private Treaty, closing at 3pm on Wednesday, 17 July 2024 (unless sold beforehand).
Just off Queen Street, and within easy walking distance of Aotea Square and Karangahape Road, the hotel's strategic location is indeed one of its greatest selling points.
Start your property search
Completion of the City Rail Link, with the Aotea and Karanga-a-hape stations nearby, will further enhance the property's connectivity and appeal.
Added to this, the hotel itself “sets the standard for mid-range accommodation in the city,” Muir says, “boasting a 3.0 to 3.5-star rating across its 82 well-appointed guest rooms.”
In terms of layout, there is a ground floor reception, administration office, an onsite bar and café, basement storage, service areas and two levels of car parking, with 15 parks in total.
Notably, its nine levels of accommodation maintain high occupancy rates, thanks to its affordable pricing strategy and excellent management by the VR Group.
"With a new 10-year lease in place, starting from June 2024 and yielding $1,260,000 per annum with biannual 3% fixed rental increases, investors can expect steady growth here" says Muir.
The freehold property covers a land area of 810m2 (more or less), and a total floor area of approx. 3,296m2.
It is zoned Business - City Centre under the Auckland Unitary Plan, offering significant future development potential.
Muir adds, "The proximity to Auckland's main public transport routes and motorway network, including the Northern, Southern, and North-Western motorways, offers peak convenience.
"The hotel is also central to key entertainment and educational hubs, including AUT University and the University of Auckland - an area known as the Learning Quarter, which consistently attracts both domestic and international guests, ensuring a high occupancy rate.
"Additionally, with tourism on the rise, the need for central city hotel accommodations remains strong."
- Supplied by Barfoot & Thompson
