A boutique motel complex overlooking thegolden sands of Kaiteriteri Beach, at the gateway to Abel Tasman National Park, is for sale as a freehold property and going concernbusiness.
Torlesse Motel is located only 200m from the foreshore at Little Kaiteriteri, at the exclusive southeastern end of Kaiteriteri, in New Zealand's Nelson Tasman region. Colliers International is marketing the 5397sq m property at 4-10 Kotare Pl for sale with an asking price of $3.2m.
Broker Ken Montgomery says it is an opportunity to acquire an outstanding investment in one of the South Island's most popular coastal holiday locations.
"This distinctive property comprises a fully managed, consistently profitable motel in immaculate condition. Torlesse Motels is within one of the two Tourism Services zones in the greater Kaiteriteri area, providing immense strategic value. The property would make a great site for a resort complex, beach apartment development, or a staged expansion and refurbishment of the existing motel. With options to continue as is, develop further, or sell off the leasehold interest, the property will appeal to owner-operators, investors and developers alike."
Montgomery says the motel is on a gently sloping site spanning four titles, with sea views from much of the property. The main motel complex, built between 1990 and 2002, sits on two titles with Tourism Services zoning. The remaining two titles are zoned Residential. One houses a three-bedroom manager's residence, while the other is yet to be developed.
Montgomery says the 11 accommodation units are situated sparsely around the site, with sealed vehicle access to each.
"The units have been convincingly updated and refurbished, offering spacious, nicely decorated accommodation of a very good standard. All improvements are presented in immaculate condition with no deferred maintenance evident."
Torlesse Motel is the biggest of only two motels close to Kaiteriteri Beach.
"The well-patronised motel is run under management and is 100 per cent forward booked over the holiday season year on year. During shoulder season it caters to overseas tourists who come for the beautiful beaches and to explore the internationally acclaimed Abel Tasman National Park. As the most visited national park in New Zealand, demand for accommodation in the area is routinely high."
The business consistently achieves a healthy profit and there is scope to further increase revenue. It is very well rated by guests, with an exceptional rating of 9.4 out of 10 at Hotels.com, 4.6 stars at Expedia and 4.5 stars at TripAdvisor.
Montgomery says the property offers a multitude of development possibilities.
"The overall landholding has 90m of frontage to Kotare Place, with separate vehicle access to the undeveloped title. The vendors have prepared concept drawings for a four-unit residential development on the bare land, which is located at the top of the property. Concept plans are also available to extend one of the existing studio units by expanding into an adjoining garage area, creating a two-bedroom unit. Due to the motel units being well spaced, there may also be an area among the existing complex for at least one more standalone unit."
Kaiteriteri is located at the top of the South Island, in an area renowned for its pleasant climate. Montgomery says it offers world class swimming, boating, fishing, mountain biking, sea kayaking and tramping.
"Kaiteriteri is a location that will continue to grow in popularity. However, limited land supply means large sites like the one for sale are increasingly scarce."
The wider Nelson Tasman region regularly records New Zealand's highest annual sunshine hours.