Commercial property investments in the heart of beautiful Akaroa are tightly held and rarely come to the market.
A freehold, commercial premises at 2 Aubrey Street is one of the few offered for sale in recent years in the thriving seaside settlement, known as the most French town in New Zealand.
Marketed by Courtney Doig and Michael Lough of Colliers, the 465sq m property is just a stone’s throw from the sparkling waters of Akaroa Harbour and right in the heart of the bustling hospitality and retail hub.
Scheduled for auction on 4 November, it comprises two apartments, a commercial laundry, and swimming pool.
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“This property is an extremely attractive proposition as an investment. It’s been owned by the same investor for the past 20 years and has only changed hands one other time,” Doig says.
“We think it’s the first such property to be put up for sale in three years. There are very few sales in downtown Akaroa and it’s rare to find a hands-off stand-alone commercial property investment in this particular pocket of the town.”
The three-bedroom apartment is on a five-year lease, with rights of renewal, to the adjacent motel, the Akaroa Village Inn, which manages the unit and also leases the pool, laundry, and storeroom.
The two-bedroom ground floor apartment currently operates separately on a casual revenue sharing arrangement with the Akaroa Village Inn.
Built in the 1970s, the building was recently strengthened to more than 67 per cent of NBS and has the benefit of two carparks.
“It’s ripe for repositioning. The bones are good, and it would make a fantastic value-add renovation. The long-term lease to the Akaroa Village Inn shows that it’s a proven performer,” Doig says.
Lough says the Akaroa Village Inn renewed its five-year lease earlier this year and has a further three rights of renewal expiring in 2041. The net annual rental income is approximately $52,000 with potential to increase.
Akaroa is just 75km from Christchurch, and renowned for its breathtaking natural landscape and abundant wildlife, including Hector’s dolphins, orcas, little blue penguins, and fur seals.
- Article supplied by Colliers
