One of the North Island's most popular summer holiday destinations, Hahei Holiday Resort, on the Coromandel Peninsula, has come onto the market for the first time in over 50 years.
"Hahei Holiday Resort is a slice of Kiwi summer paradise," says John Bedford of CBRE who, with colleague Warren Hutt, is marketing the freehold property and going concern business for sale on behalf of Hahei Holidays Limited by way of international expressions of interest, closing at 4 pm on Wednesday June 10.
The 6.79 hectare Hahei Holiday Resort comprises a significant part of the land behind Hahei beach which is treated as one site but split over two freehold titles.
The resort is situated on the eastern seaboard of the Coromandel Peninsula southeast of Whitianga between Cooks Beach and Hot Water Beach and is within a two hour drive from Auckland. Nearby top attractions include Cathedral Cove and Hot Water Beach which are visited by 150,000 tourists a year.
"Hahei has been a summer playground destination for generations of Kiwi families and tourists alike who are able to enjoy world-class swimming, boating, fishing and diving among top natural attractions," Bedford says.
"For more than 50 years campground founders Dawn and Vaughan Harsant and their family have offered the Hahei Beach Resort as a place for families and friends to connect, relax and unwind.
"The family feel truly privileged to have been able offer such a special place to the public for so long, and they know how strongly connected people feel to this wonderful place. "However, after 50 years of ownership and investment, and following the sad death of Dawn last year, the family are looking for new owners to continue improving this well-known and loved destination."
Bedford says the sale in no way affects the gifting of Cathedral Cove to the Crown by the family in 1973 and they will remain committed to the area through their own personal ties.
Hutt says the business has forward bookings beyond 2015 and the financial statements indicate the business has a healthy profit and should continue to do so. "Whatever the new owner chooses to do, any sale and purchase agreement is being structured to keep the resort operating until May next year at the earliest."
Hutt says the site's current zoning and structure plan provides for further enhancement to cash flows through potential subdivision and for the future development of conference facilities and additional villa accommodation.
"The structure plan is specifically designed to provide a greater level of flexibility for the development of visitor accommodation and associated facilities," he says. "For these reasons, and because of the resort's stellar location, we are already fielding interest from a wide range of buyers in New Zealand and overseas. These include high net worth individuals and people interested in exploring the potential of the structure plan that is designed to allow flexibility in the use and future development of the resort."
A feature of the property is the 438 metres of beach frontage, behind which Hahei Holiday Resort offers newly-built beachfront bungalows, villas, studios or in more cost-effective cabin motels. Numerous camping and caravan sites allow other visitors to relive 'the Kiwi summer dream' more modestly.
The resort's facilities and infrastructural improvements include electric, LPG and diesel boilers for hot water supply; bore water supply; sealed internal road network; and upgraded fast broadband.
Bedford says the property is predominantly flat, with a gentle eastward slope and elevation to the northern boundary towards the beach and sand dunes. "The eastern boundary of the property fronts directly onto the Wigmore Stream with an esplanade reserve separating part of the property from the stream.
"The park-like setting is enhanced with numerous trees throughout the resort and mature Pohutukawa trees running the length of the Wigmore Stream on the southern boundary, providing shelter and shade for campers during the summer months."
Bedford says Hahei village is only 500 metres away from the resort and offers a popular mix of art galleries, tourist shops, convenience retail, cafés, restaurants and a local brewery.
"Opportunities of this scale, offering an outstanding beachfront location and strong cash flow, are rare and highly sought after in the New Zealand market," he says. "The scarcity of such prime coastal property means it will soon become a priceless investment with the transfer of ownership for the first time in over half a century now open for all visionaries."