Site on sale for first time in 20 years

Photo supplied.
Photo supplied.
The Aspiring Lodge Motel in Wanaka's tightly held central business district site is on the market for the first time in 20 years.

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 investment''.

''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.


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