Property Ref: 67500
Anchor Motel & Timaru Backpackers - Diversified Accommodation Business
Anchor Motel & Timaru Backpackers
Diversified Accommodation Business For Sale
This is a great opportunity to obtain a consistently profitable accommodation business in thriving Timaru - the second largest city in Canterbury. The owner is motivated to sell and is accordingly offering this for sale at a very realistic price significantly below an independent 2016 Market Valuation.
This strategically located, substantial accommodation complex has a long track-record of catering for the budget-conscious visitor. Situated in a prime site on the main road (Evans St, State Highway 1) on the Northern side of the Timaru town centre, the Anchor Motel & Timaru Backpackers enjoys steady business from a mix of tourists, business-people, families and groups. Featuring 11 units, 3 separate houses and a 7-bedroom hostel it can cater to a wide range of needs.
The buildings are well maintained to an appropriate standard, with recent renovations and redecoration of most of the units.
The main motel site has a double frontage extending through to Trafalgar street at the rear. This locality is handy to all amenities and has the highest concentration of accommodation providers in Timaru. The property is only 500 metres from Caroline Bay, 250 metres from the new Aquatic Centre, 600 metres from Northtown Mall and 800 metres from the town centre. Local shopping in just 100 metres away on the corner of Trafalgar Street and Evans Street.
The complex include the following:
42 Evans Street – ‘Anchor Motel’
This consists of a large two storey house converted into motel units together with a three storey building across the Evans street frontage comprising four motel units plus basement garaging.
This contains two motels on the top floor, two motels on the middle floor and four lock-up garages on the ground floor (basement level).
44 Evans Street ‘Timaru Backpackers’
This contains two houses plus a small detached studio unit. The front house is used as the backpackers hostel, the studio unit contains a single bedroom plus small ensuite with shower, and the rear house is a two-bedroom managers residence.
5 Trafalgar Street ‘Anchor Residence’
This five bedroom house has been particularly well upgraded with modern bathrooms and kitchen and has good indoor – outdoor flow to a good sized deck on the north side of the house with open outlook.
The asking price of $495,000 is well below the 2016 valuation of $560,000 and is supported by proven, consistent business performance. The underlying freehold land and buildings is also for sale separately at $1,690,000 – refer the separate listing.
Contact the broker Peter Gale for further information.
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Anchor-Motel-Limited-Cash-Summary-3.pdf - 37.4 KB
Valuation-2016.pdf - 672.3 KB
Anchor_Motel_Financials_2018.pdf - 447.7 KB
Anchor-Sale-Report-2018.pdf - 211.9 KB