Free Hold Going Concern - $4900000

Description

Colonial Village Motels & Earnslaw View Apartments Management Rights Business Configuration: This complex comprises an excellent mix of 7 luxury 3 bedroom apartments and one 3 bedroom home, plus 10 comfortable and affordable motel units. The apartments are located behind the motel at 21 Earnslaw Terrace. Owners Accommodation: The owner's accommodation is a two bedroom home above the office that enjoys the amazing views. Features: In one of Queenstown's most prominent locations, this motel and apartment complex enjoys stunning views from every unit. Just a short distance from the centre of one of the world's great alpine resorts and New Zealand's adventure capital, this is a superb opportunity for a new owner to pick up where the current managers have left off. The owners have for many years created a comfortable and affordable motel with character and charm, and more recently extended the business to include luxury apartments with under floor heating, double glazing, gas fires and individual garaging. This has provided substantial additional revenue to their already successful motel business. Lease: 17.5 year motel lease and 18 year management rights term to run. Financials: The value of the Motel is $1,500,000 land and buildings plus $650,000 for leasehold Interest (lease, chattels and Goodwill) - total $2,150,000. The Management Rights, included in $650,000 quoted above, but house $550,000 and Apartments 2,3, 6 & 7 are $550,000 each while under Management Rights agreement. They include furniture and are zero rated for GST as part of the MR business. Apartment 5 is also for sale at $550,000. The existing house could be replaced with up to 4 new apartments to add to the Management Rights complex. The existing Motels could be sold and moved off site and a new modern motel built in this prime Frankton Road site. Confidential Agreement: Information only supplied to the potential purchaser after confidential agreement has been signed as required by the vendor.