The Aspiring Lodge Motel in Wanaka's tightly held central
business district site is on the market for the first time in
The high-profile 1012sq m freehold site, on the corner of
Dungarvon and Dunmore Sts, has a capital value of $1.87
million and annual rent of about $122,500, plus GST.
Bayleys Wanaka director, Mat Andrews, said there was a
ring-fencing of commercial property development in Wanaka,
which effectively constricted the amount of land available.
''As a consequence, land-holdings within the CBD are tightly
held and rarely come to the market for sale. The majority of
commercial properties here are tightly-held by a handful of
investors,'' he said in a statement yesterday.
Statistics New Zealand accommodation data, released
yesterday, singled out Otago as the main contributor to the
increase in South Island guest nights, which rose 7.2% in
December, as opposed to a North Island rise of 0.5%.
Built in 1987 and renovated every five years, the motel has
12 studio units, two two-bedroom family units and one
executive suite; each with a fully-equipped kitchen, ensuite
and balcony and private courtyard, while the upstairs units
have private balconies with mountain and lake views. There is
also three-bedroom motel manager's accommodation.
Mr Andrews said the motel presented a ''low-hassle
''With the town experiencing growth, investors tend to hang
onto commercial properties,'' he said.
The property was listed in December, and tenders will close
on February 22.