Property Ref: 67470
Anchor Motel & Timaru Backpackers - Freehold Investment and/or Business
Anchor Motel & Timaru Backpackers
Freehold Accommodation Investment For Sale
42 and 44 Evans Street + 5 Trafalgar Street, Timaru
This is a rare opportunity to obtain a rock-solid freehold land and buildings investment 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 supported by 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 on a total of 3,077m2 (approx.) of land it can cater to a wide range of visitor 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 improvements 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.
The three storied motel block was constructed circa 1975 and 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 $1,690,000 (plus GST if any) is underpinned by a long-term net lease of $135,000pa representing a solid 7.99% return with further potential for growth. The business is also for sale separately at $495,000 – refer the separate listing.
This quality real estate investment will not last long. Contact the broker Peter Gale now for further information.
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Valuation-2016.pdf - 672.3 KB
Titles-and-lease-documents.pdf - 2.8 MB
Comprehensive-Title-and-Transaction-Report-42-Evans-Street.pdf - 90.0 KB
Title-42-Evans-St.pdf - 825.7 KB
Site-Map-as-extracted-from-2016-Valuation.pdf - 255.9 KB