Auckland property developer Philip McNicholl purchased the former Stringer and Co building at the corner of Thames and Eden Sts in May last year, and after a seismic upgrade to 100% of new building standards, a fit-out was now under way, and the work was expected to be completed in December.
The ``poshtel'' - a mash-up of ``posh'' and ``hostel'' - would offer 15 double bedrooms in a mix of suites with en suite toilets and shared facilities, including a kitchen area, and allow for flexibility and groups.
``We think we'll be near the top of the [Oamaru] market,'' Mr McNicholl said.
``There's quite a number of room combinations. You can actually close a set of doors and have five rooms if you wanted - for like a wedding, or something like that.''
A motor-home trip last year with his wife and teenaged children included a stop in Oamaru to visit Steampunk HQ, Mr McNicholl said.
``I just thought it was a cool little town and I have had an interest in it since that visit,'' he said.
This week, he said he would remain in Auckland until his children started university in three years, but he planned to relocate to Oamaru.
On the New Zealand Companies Office companies register Mr McNicholl is listed as the sole director of Poshtel NZ Ltd.
While previously the Otago Daily Times reported the accommodation would be known as Oamaru Poshtel, Mr McNicholl said he had yet to make a final decision on the name.
