The Rainbow Point Motel on the outskirts of Taupo is being marketed for sale.
Campbell Realty agent Terry Campbell says the owners have decided to sell after 16 years, with the motel being sold as a freehold going concern.
The 3,316sq m freehold site is zoned residential and comprises four titles, providing the next owner with options, Campbell says.
"This is a rare jewel for any smart investor. It could continue as a motel, possibly be further subdivided to create a residential development, or the existing buildings removed for a new complex.
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"The motel doesn't quite go back to the days when Taupo was just pumice roads and clouds of dust come summer. Nonetheless, having been built in 1962, it is one of Taupo's earliest motels."
The Rainbow Point Motel comprises of 13 units, an onsite managers' residence, a commercial kitchen, and conference room with a feature river stone fireplace.
The north-west facing site slopes towards the shores at Rainbow Point and is close to swimming, fishing and boating from either the Two Mile Bay or Three Mile Bay boat ramps. The 29 Charles Crescent address also has easy access to the beautiful Lion's Walk along the lakefront for walking and cycling.
Campbell says the motel has easy access to the lake, great roadside frontage and is close to local ammenities, including a dairy, restaurant and bar and fish and chip shop.
"Rainbow Point is a classic Taupo address, and has always been very sought-after. The opportunity to secure such a good-sized parcel of land in such a tightly-held established area won't come up again for a long time."
Offers close at 4pm on November 29, if the property has not been sold prior.