Hotel awaits new role
A STYLISH old Martinborough building that stands 50 kilometres from where it was built more than a century ago is up for sale.
What used to be Masterton’s Station Hotel, which was built in 1903, was moved 50km south to 4 Kitchener St, Martinborough, in 1998 by property developers Mike and Sally Laven.
It is now owned by Christchurch-based VPS Properties and tenanted by ANZ Bank, It’s Quite Cool gelateria and Soeur Design.
Rick Stace, of Colliers International, said it was returning a combined net rental income of $53,569 a year. He expected it could sell for less than its $950,000 rating value. The 452-square-metre freehold property is for sale by deadline private treaty, with offers closing on Tuesday. Stace expects it to appeal to investors or owner-occupiers who can see the potential to add value through developing the first floor.
‘‘The first floor is a really fantastic space, and like the rest of the interior, has been sensitively renovated and restored. The first floor would be ideal for high-end boutique accommodation or perhaps a restaurant.’’
Many of the building’s period features have been carefully preserved, including wood-panelled ceilings, wood floors, sash windows, decorative wraparound verandas on both levels and carved staircase balusters.
‘‘The building’s excellent profile and street appeal could be further enhanced by creating an attractive courtyard area in the space to the northeast corner of the property,’’ Stace said.
‘‘This is a special opportunity to make the most of a beautiful, well-located historic building and provide an attractive amenity for visitors to Martinborough.’’
Interior lettable areas amount to 313sqm and there are sealed car parks at the rear.