Two motels near the heart of Havelock North are up for sale. Photo / Colliers
Two motels near the heart of Havelock North are up for sale. Photo / Colliers
Two neighbouring motels have hit the market in a prime location near Havelock North village centre, but there is a catch for buyers wanting to develop the site.
The 20-unit Village Motel at 16 Te Aute Rd and 20-unit Te Mata Lodge at 21 Porter Drive are for sale.
Theproperties are being marketed as investment properties with long-term leases that run until 2042 (with biennial rent reviews) in place for both motels.
That means any plans to convert the site into a new development would have to wait until the end of those leases.
The motels can be purchased individually or together and are being marketed by real estate company Colliers.
Colliers Hawke’s Bay director Danny Blair said there was room to build four more units at the Village Motel site if that interested a buyer.
“These two strategic assets both come with their own unique qualities and will catch the eye of astute investors seeking to secure a stake in the Hawke’s Bay tourism market.”
The total land area is about one acre (0.4-hectare) across both sites. The neighbouring properties are a short walk to the village centre.
