Colliers is excited to be appointed, as sole agent, to market for sale 46 High Street, Masterton.
Discover a unique investment opportunity with this 21-unit ex-motel complex with over $500,000 gross income per annum.
The property comprises over 7,600 sq m of land with dual access from High Street and Lowes Place and features a substantial 1,160 sq m motel constructed from predominantly low-maintenance materials.
Providing a mix of unit configurations, the motel includes 21 units consisting of studio units and one, two, and three-bedroom apartments. The generous manager’s accommodation is conveniently attached to the reception area, enhancing operational efficiency.
The property is located on the northern side of High Street, just 2 km from central Masterton and within walking distance of the shops and restaurants at Kuripuni Village.
With a current gross income exceeding $500,000 per annum this property promises a strong revenue stream.
Additionally, there is potential to unit title the property and sell down or maximise the dual accessways to develop 15+ additional units.
The motivated owner requires a sale, making this a compelling opportunity for savvy investors.
The property is available For Sale by Deadline closing Thursday 21 November 2024 at 4pm (unless sold prior).
Contact one of the Colliers team today for further information or to arrange an inspection.
Mike Laven, 021 681 272, [email protected]
Michael Lough, 021 030 4270, [email protected]
*Note. Floor area, land area and boundary lines are indicative only.
Features:
* Residential zoned land
* 21 units and substantial manager accommodation
* Development opportunity
* Good mix of accommodation types
* Freehold going concern
* Add value opportunity
