A landmark Nelson peninsula containing the Honest Lawyer pub and hotel has gone on the market.
While the Honest Lawyer business itself would continue being operated by the existing tenants, the 1.3 hectare property and old English-style building jutting out into the Waimea Estuary is open to new owners.
Colliers International sales and leasing broker Ken Montgomery said it offered a "superb opportunity" for investors wishing to add value to the property. It could also interest residential buyers who would be able to develop some 3500sqm at the tip of the peninsula while earning income from the well-known hospitality complex.
"Although the tenant utilises the whole property currently, the lease provides the landlord with the right to subdivide off the tip of the peninsula with no reduction in passing rental," he said
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The lease was currently returning $291,795 a year plus GST, with the tenant responsible for all outgoings.
"This unique hospitality complex boasts bars, a restaurant and dining rooms, a range of accommodation units and an extensive waterside garden area," Montgomery said.
"Vintage artefacts add to the quaint country pub feel, making it a popular venue for weddings and functions, overnight lodgings, or simply enjoying drinks in the sun with friends."
The business's lease has almost five years remaining, with two further rights of renewal of six years each.
The Honest Lawyer was built in 1995 in the style of an old English pub and is well-known by locals and out-of-towners alike.
Montgomery said its price would be determined by negotiation.