Proudly presented by Ray White, this iconic freehold investment property offers multiple income streams, with "The Awanui Hotel" as the anchor tenant, an establishment deeply rooted in Northland's history.
The property itself is a large, primarily flat 1.1308-hectare site (more or less) with various commercial buildings, prominently located on State Highway 1. Consisting of:
• Awanui Hotel: Established circa 1894, the main hotel complex includes 1,177 sq m (approx.) of bars, accommodation, and utilities, plus 91.8 sq m (approx.) of canopies and decks. It returns $75,400 + GST & OPEX on a 3-year lease with renewal rights. Parts of the Hotel itself have been recently upgraded, and has been a popular establishment since the early 1900s.
• 19-Unit Motel Complex: Located off Collard St, this complex offers 15 studio units, 4 two-bedroom units, and manager's accommodation, recently upgraded. Managed by the owner, the Motel complex has a steady customer base plus there is potential for growth here!
• Commercial Building: A further 126 sq m (approx.) building on Collard St, leased casually to a food-grade tenant, returning $20,620 pa plus GST and outgoings.
Zoned Commercial under the Far North District Council Operative District Plan, with a small portion of land on the Western end of the property Residential zoning, allowing for future development (subject to Council consent).
Traffic & Location: High traffic volume on State Highway 1, the main route to Cape Reinga and the famous 90 Mile Beach. Kaitaia, being one of the key service centres for the Far North is a mere 7 km from Awanui Township.
With an asking Price: $1,275,000 plus GST (if any) this property represents an outstanding opportunity at over an 11% yield, for an investor willing to manage the motel complex and potentially add value to the property while reaping the benefits from the existing income streams.
Contact: Glenda West, 021 591 231 for further information.
