Land and buildings housing motel for sale
The land and buildings housing a motel in the heart of Waikato’s ‘Las Vegas-style’ strip are on the market.
The Aaron Court Motor Lodge is at 250 Ulster St, the main road into the north of Hamilton. The 34-unit lodge has been operating for 16 years.
Its 2100sq m of accommodation is over two levels in three separate blocks and features studio, one- and two-bedroom units. All units have a kitchenette and refrigerator, with access to shared laundry facilities.
Aaron Court also has a commercial-grade kitchen with caf, licensed restaurant and bar, and conference and meeting rooms. It also has an in-ground swimming pool.
With two entrances off Ulster St, the motel sits on 5622sq m of L-shaped land, and includes a single level four-bedroom manager’s residence.
Aaron Court’s operator has a lease through until 2034, returning $348,000 plus GST annually, with an additional 4 per cent of the rental sum allocated to a maintenance fund.
The lodge’s freehold land and buildings are being marketed for sale by tender through Bayleys Hamilton and Bayleys Auckland, with tenders closing on March 12.
Salespeople David Cashmore and Paul Dixon say both the asset owner and the tenant had been fastidious about property maintenance, ensuring its guest appeal had rarely waned over its 16 years.
“The quality of the room stock and guest amenities, combined with the location in Hamilton’s main motel strip, have ensured that accommodation providers in the strip have consistently operated at above industry average occupancy rates,” Cashmore said.
“That performance has given both the landlord and tenant the confidence to implement a maintenance schedule, which has meant both the property’s exterior and interior decore is of a high standard.”