27-29 Tarbert Street, Alexandra

A standout commercial investment opportunity!

We present to you a great opportunity for an astute buyer. This Freehold Investment (on the ground floor) and the Freehold Going Concern commercial building (on the first floor) is a 1930s two level commercial building with subsequent additions and renovations having been made to the ground floor retail and office, and the first floor to medium to long term accommodation uses.

The upper level is being currently operated by the owner as a going concern business known as Whitelock Lodge.

The building is located on a rectangular shaped corner lot with frontages to Tarbert, Deel and McDonald Streets within the Alexandra Town Centre.

The Land Area is approximately 479 square metres and the Building Area is approximately 867.8 square metres. The Seismic Rating is assessed as likely being in excess of 80% NBS.

Tenancy Details       

Owner Occupied Details – Whitelock Lodge

Situated at 27-29 Tarbert Street in Alexandra, Central Otago. Whitelock Lodge is a Brand-New Lodge Style Accommodation. Equipped with 13 private rooms with shared facilities. Ideal for medium – long term lodgings for employees and contractors.

The first floor was recently renovated to a good modern standard with 13 private bedrooms plus shared bathroom, kitchen, dining, living and laundry facilities and a shared balcony. All bedrooms have natural light with most having a north facing aspect.

The property is consented to provide medium to long term accommodation for up to 32 occupants with a minimum 4 week stay. Short term accommodation is not permissible.

Whitelock Lodge is the owner operated Going Concern accommodation business. The business is relatively new with a limited trading history. Part of the ground floor is being used for management and storage for the business although this area is under-utilised. Lodge trading figures are available on request.

The Lodge amenities consists of

• Super king, queen, twin & single rooms
• 2 Spacious Lounge & Dining areas
• 2 Fully Equipped Kitchens
• 5 Shower & Bathroom Suites
• Large Outdoor Deck / BBQ Area
• Laundry and Storage

Use:   Ground Floor Office:          Storage, First Floor Accommodation:

Lettable Area (m2)           124                        436.3

Total Net Market Rent p.a.          $124,335 plus outgoings and GST

Assessed Outgoings p.a. $29,141 plus GST

Assessed Recoveries p.a. $29,141 plus GST (Assumed 100% outgoings recoveries)

Assessments   

1. Earthquake rating exceeds 80% NBS,
2. The existing leases,
3. The assumption of a hypothetical lease for Whitelock Lodge over tenancies 4 & 5,
4. Good marketable title, free from any encumbrances,

Market Value Going Concern    

We assess the Market Value of the Going Concern interest of the property at $255,000 plus GST, as at the date hereof and subject to:

1. Earthquake rating exceeds 80% NBS,
2. The assumption of a hypothetical lease for Whitelock Lodge over tenancies 4 & 5,
3. The assumption that the business would continue to operate as Whitelock Lodge with the existing website,
4. The assumption that the premises would be provided with the current fitout,

Market Value Freehold Going Concern 

1. Earthquake rating exceeds 80% NBS,
2. The existing leases,
3. The assumption of a hypothetical lease for Whitelock Lodge over tenancies 4 & 5,
4. The assumption that the business would continue to operate as Whitelock Lodge with the existing website,
5. The assumption that the premises would be provided with the current fitout,
6. Good marketable title, free from any encumbrances,

For further information, register now, or contact specialist Business Broker Adrian Chisholm, AREINZ, on 021 727 888 or email adrian@tourismproperties.com.